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a, I I I iiimiiimiiiiiiiiiiiiiimiiiiimiui i ii iiiiiiiiilii iinmmiimiiiiiiimmiHimiuiim iiiiiii i iiiiiiiiiiiiiiiiiiiiin | 

I  Agricultural  Prices  | 


BY 


HENRY  A.  WALLACE 

Associate  Editor  of  Wallaces'  Farmer 


m  I  WALLACE  PUBLISHING  COMPANY  |  M 

M  I  Eleventh  and  Walnut  Sts.  |  J 

f  I  Des  Moines,  Iowa  |  M 

M  I  Publishers  of  Wallaces'  Farmer  |  g 

=  ^lUMIIIIMIIIIIItlllllMIIIIMIIIIMIIMIIIIMIIIUIIIIIIIIIIIIIUIIIIIIIIMMIIIIIMIIIIIIIIIHIUIIIIMIIIIIIIIIMUIIMIIIIMIIIIUIMIUIIIIUIUIUIIIinilllllllUlllirinllMninailUIIIU  2 

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Copyright  1920 
By  the  Wallace  Publishing  Company 

All  Rights  Reserved 


Hg 


2?5 


PREFACE 


THIS  book  is  written  for  all  those  who  may  be  interested  in  the 
matter  of  prices  of  agricultural  products,  but  more  especially 
for  tlie  farmers  of  the  corn  belt  states,  students  of  agricultural  col- 
leges, count}^  agricultural  agents,  and  leaders  of  farm  organiza- 
tions. Its  purpose  is  to  promote  a  better  understanding  of  the 
factors  which  influence  prices  of  farm  products  and  stimulate  an 
intelligent  interest  in  statistical  economics. 

Aside  from  a  rather  small  number  of  specialists  at  the  larger 
terminal  markets,  few  of  the  people  who  buy  or  sell  farm  products 
have  any  verj'  definite  ideas  concerning  the  legitimate  price-making 
forces.  A  better  understanding  of  such  forces  by  farmers  gener- 
ally should  in  itself  gradually  bring  about  prices  which  will  ap- 
proach more  nearly  cost  of  production,  and  tend  to  reduce  the 
violent  fluctuations  above  and  below  the  compensatory  average. 

A  careful  study  of  the  facts  herein  set  forth  should  aid  leaders 
of  farm  organizations  to  avoid  costly  mistakes  which  too  often  re- 
sult from  hasty  and  ill-considered  action. 

While  not  Avritten  primarily  for  economists,  I  trust  many  of 
them  may  find  something  of  practical  value  in  the  matter  herein. 
They  may,  perhaps,  feel  that  at  times  I  have  not  been  as  respectful 
as  they  would  like  toward  many  of  the  ideas  of  the  classical  school, 
but  I  have  no  apologies  to  offer  on  this  score.  In  anticipation  of 
possible  criticism  of  my  treatment  of  cost  of  production,  I  shall 
ask  them  to  remember  that  I  use  "cost  of  production"  as  a  ratio 
concept  (if  need  be,  a  shifting  ratio)  and  not  as  a  cost-accounting 
concept.  I  may  say,  also,  that  I  hold  to  no  particular  philosophy 
of  economics  unless  a  very  firm  belief  in  the  utility  of  thoro  math- 
ematical price  studies  might  be  considered  as  constituting  the  basis 
of  a  philosoph}'. 

While  the  book  is  frankly  written  from  the  farmer's  point  of 
view,  there  is  no  bias  whatsoever  to  the  mathematics  used,  and  it  is 
believed  that  so  far  as  it  may  influence  opinion  and  practice,  the 
results  will  in  the  long  run  benefit  both  farm  producer  and  city 
consumer. 

Students  who  may  take  up  this  book  for  serious  study  will  get 
the  greatest  good  from  it  by  following  prices  of  agricultural  prod- 


4  Agricultueal  Prices 

ucts  from  day  to  day  and  month  to  month,  and  noting  when  the  re- 
lationship is  normal  and  when  abnormal.  In  this  way  they  will 
acquire  habits  of  intelligent  observation  of  price  trends  that  should 
prove  of  very  great  value  to  them  when  they  get  into  business  for 
themselves. 

If  this  book  is  used  as  a  college  text,  it  is  hoped  that  it  will  be 
by  classes  which  are  especially  concerned  in  applying  statistical 
laws  to  agricultural  prices.  Such  classes  should  have  free  access 
to  calculating  machines,  multiplying  tables,  etc.,  and  should  make 
a  serious  effort  to  work  out  various  ratios  and  also  to  work  out 
suppl}'  and  demand  laws  for  various  farm  products  by  means  of 
correlation  coefficients,  lines  of  regression,  etc.  The  tables  given 
in  the  appendix  should  be  of  some  value  as  a  source  of  raw  material. 
For  further  material,  it  is  suggested  that  the  Year  Books  of  the 
United  States  Department  of  Agriculture,  the  Monthly  Crop  Re- 
porters of  the  Bureau  of  Crop  Estimates,  and  the  Reports  of  the 
Chicago  Board  of  Trade  be  consulted.  A  good  book  on  correla- 
tion coefficients,  etc.,  is  Yule's  Theory  of  Statistics.  The  teacher 
of  the  suggested  class  in  agricultural  price  statistics  should  sim- 
plify the  mathematics  to  mere  method,  not  concerning  himself  or 
his  pupils  with  the  theory  back  of  it  all.  Wherever  possible,  the 
teacher  should  study  very  carefully  the  January  and  April,  1919, 
volumes  of  The  Review  of  Economic  Statistics,  published  by  the 
Harvard  University  Press.  The  methods  as  exemplified  in  these 
volumes  can  very  profitably  be  applied  to  the  field  of  agricultural 
prices. 

Acknowledgement  is  made  to  Professors  J.  M.  Evvard  and  E. 
G.  Nourse,  of  the  Iowa  State  College,  and  to  Professor  F.  A.  Pear- 
son, of  the  University  of  Illinois,  for  criticisms  and  helpful  sug- 
gestions. 

Henry  A.  Wallace. 


TABLE  OF  CONTENTS 


=ac= 


PART  I. 

Our  Present  Price-Registering  System 7 

The  Three  Price-Making  Forces 11 

Criticism  of  Our  Price-Making  System 15 

Supply  and  Demand 20 

Can  "Price"  Make  "Supply  and  Demand"? 22 

Cost  of  Production 26 

Ratio  Method  of  Determining  Cost  of  Producing  Hogs 30 

Supply  and  Demand  Versus  Cost  of  Production 36 

Cattle  Prices  and  the  Ratio  Method 39 

Packer  Prices  and  the  Ratio  Method 41 

Milk  Price  Determination 44 

Cost  of  Producing  Crops 49 

Consumers'  Ratios 52 

Technique  of  the  Ratio  Method 57 

Limitations  of  the  Ratio  Method 60 

Retail  and  Wholesale  Prices 62 

Pork  Exports  the  Barometer  of  Corn  Belt  Prosperity 64 

Corn  Belt  Land  Values  and  the  Cost  of  Producing  Corn 72 

Price  Stability  and  Soil  Fertility 74 

Measuring  Total  Crop  Production 75 

PART   II. 

Mathematical  Study  of  Supply  and  Demand  in  the  Hog  Market  81 

Predicting  the  Future  of  Hog  Prices 98 

Limitations  of  the  Mathematical  Method 103 

Conclusions  Based  on  Ratios  and  Mathematics  of  Supply  and 

Demand 106 

Appendix    113 


OUR  PRESENT  PRICE-REGISTERING 
SYSTEM  * 

PRICES  of  corn  belt  food  staples  are  registered  more  promptly 
and  more  delicately  on  the  Chicago  Board  of  Trade  than  any- 
where else  in  the  world.  The  farmer  visitor  in  Chicago,  who  has 
a  few  minutes  to  spare,  finds  it  very  interesting  to  look  down  from 
the  Chicago  Board  of  Trade  galleries  on  the  corn  pit.  For  several 
minutes,  the  pit  may  be  the  dullest  thing  imaginable,  and  suddenly 
news  will  "break."  Perhaps  it  is  the  month  of  August,  and  it  has 
begun  to  rain  in  Nebraska.  As  a  result,  certain  operators  are 
anxious  to  dispose  of  the  corn  for  which  they  had  contracted. 
Perhaps  it  is  9 :30  on  another  August  morning,  and  the  tempera- 
ture, even  this  early  in  the  day,  is  85  degrees,  and  the  prospects 
are  for  hot  winds  sweeping  Kansas  and  southwestern  Iowa.  Men 
who  have  sold  corn  "short"  a  few  days  before,  on  the  strength  of 
local  rains,  are  now  thoroly  scared,  and  rush  into  the  pit  to  buy 
back  before  the  price  runs  up  more  than  three  or  four  cents. 

The  farmers  sitting  in  the  gallery,  watching  the  speculators 
buy  and  sell  "paper"  corn,  by  shaking  their  fists  and  nodding  their 
heads,  feel  that  tlie  Board  of  Trade  is  a  gambling  institution.  So 
firm  is  this  conviction  that  several  of  our  largest  farmers'  organ- 
izations have  gone  on  record  as  being  opposed  to  the  speculative 
system  as  a  method  for  registering  prices  of  farm  products. 

So  far  as  the  business  world  is  concerned,  the  system  of  buying 
and  selling  future  contracts  employed  by  the  Board  of  Trade  is  in 
the  nature  of  risk  insurance.  A  feed  concern  may  have  sold  to 
farmers  twenty  carloads  of  their  feed  at  a  price  based  on  $1.20 
corn.  They  have  not  bought  this  corn  as  jet,  and  do  not  have 
room  to  store  it.  They  therefore  buy  a  contract  for  future  deliv- 
ery at  .$1.20,  in  order  to  protect  themselves  against  corn  going 
up  in  the  meantime.  This  feed  concern  is  in  the  manufacturing 
game;  it  can  not  afford  to  take  a  risk,  and  for  that  reason  buys 
a  future  on  tlic  Board  of  Trade.  When  this  feed  concern  accepts 
the  actual  corn,  it  sells  tlie  contract.  It  may  make  or  lose  money 
on  the  purchase  and  sale  of  the  contract,  but  in  either  event  the 


*It  is  suggested  that  those  who  are  especially  interested  in  a  study 
of  speculative  markets  read  "Braces'  Organized  Speculation,"  or  "Em- 
ery's Speculation  on  the  Stock  and  Produce  Exchanges  of  the  United 
States." 


8  Agricultural  Pjiices 

net  result  is  that  the  actual  corn  cost  $1,20  per  bushel  plus  the  com- 
mission charge  of  a  fraction  of  a  cent  per  bushel. 

The  speculator  takes  the  risk,  and  the  spirit  in  which  he  ap- 
proaches the  game  is  often  the  gambling  spirit,  pure  and  simple. 
But,  like  all  shrewd  gamblers,  he  takes  his  risks  as  shrewdly  as 
possible,  and  after  a  time  becomes  expert  in  judging  the  probable 
effects  of  weather,  political  news,  transportation  difficulties,  etc., 
on  corn  prices.  And  these  factors  are  more  real  than  some  of  our 
agitators  would  have  us  believe. 

But  while  speculators  perform  a  real  service  to  society,  there 
is  nothing  angelic  about  them.  They  are  concerned  with  a  profit, 
not  with  service.  The  professional  speculator  is  generally  either 
"long"  or  "short"  of  the  market;  that  is,  he  has  corn  bought  or 
sold  for  future  delivery.  The  man  who  has  December  corn  bought 
for  future  delivery  at  $1.20  per  bushel  is  hoping  with  all  his  energy 
that  the  corn  crop  is  short  and  price  will  therefore  advance,  that 
transportation  difficulties  will  materialize,  that  an  unusual  demand 
Avill  spring  up  from  Europe  for  foodstuffs,  that  something  will 
happen  to  send  up  the  price.  He  is  favorable  to  the  promulgation 
of  an}^  kind  of  news  which  will  help  him  to  sell  his  corn  at  a  profit. 
While  the  Board  of  Trade  has  regulations  against  the  dissemina- 
tion of  false  news,  nevertheless  these  men  at  times  seem  to  be  able 
to  color  the  crop  news  very  effectively.  Situations  develop  where 
most  of  the  professional  speculators  are  on  one  side  of  the  market, 
and  where  they  are  apparently  able  to  use  propaganda  to  force 
prices  verj'^  rapidly  either  up  or  down,  at  the  expense  of  the  ama- 
teur speculators. 

The  products  most  traded  in  on  the  Board  of  Trade  are  wheat, 
com  and  oats,  and  to  a  lesser  extent  the  cured  hog  products,  rib 
sides,  lard,  and  moss  pork.  The  smallest  units  traded  in  are  5,000 
bushels  of  grain  and  50,000  pounds  of  provisions.  In  the  case  of 
the  grains,  the  contracts  most  commonly  traded  in  are  contracts 
for  delivery  in  December,  INIay,  July  and  September.  In  the  case 
of  the  pork  products,  the  contracts  most  traded  in  are  contracts 
for  delivery  in  January,  May,  July  and  September.  Before  the 
war,  trading  in  December  corn  customarily  opened  in  the  month 
of  May.  The  price  of  December  corn  as  quoted  in  ]\Iay  was  neces- 
sarily based  on  the  supposition  that  the  ensuing  crop  would  be  a 
normal  crop,  neither  greater  nor  less  than  the  average.  If  there 
was  cold,  wet  weather  in  May  or  June,  the  price  advanced.  If  the 
weather  was  warm  and  rather  dry,  the  price  declined  slightly. 
However,  as  a  general  proposition,  before  the  war,  the  price  held 
practically  steady  during  the  months  of  May  and  June.     During 


Our  Present  Price  System  9 

July  and  August,  however,  corn  values  on  the  Chicago  market  oscil- 
lated  back  and  forth  with  rainfall  and  drouth,  registering  the 
changes  in  niarvelously  delicate  fashion.  Customarily,  before  the 
war,  it  took  an  average  rainfall,  in  the  seven  great  corn  states,  of 
about  one  and  a  quarter  inches  during  ten  days,  to  hold  the  price 
of  December  corn  futures  practically  stationary.  A  rainfall  of 
as  much  as  one  and  three-quarters  inches  in  a  ten-day  period  dur- 
ing July  and  August  would  ordinarily  depress  the  price  by  several 
cents  a  bushel,  whereas  a  ten-day  period  with  no  rainfall  at  all 
would  customarily  advance  the  price  by  eight  or  nine  cents  a  bushel 
or  even  more  if  the  temperature  was  high. 

Anyone  who  studies  these  things  is  surprised  at  the  accuracy 
with  which  the  market  price  before  the  war  actually  reflected  crop 
conditions  as  they  changed  from  day  to  day.  Since  the  war,  it  has 
been  more  difficult  to  measure  the  price-making  forces.  Political 
conditions  in  Europe  even  during  the  months  of  July  and  August 
often  have  had  as  much  influence  as  the  weather  in  determining 
the  price  of  corn. 

The  Board  of  Trade  has  to  do  with  both  cash  grain  and  future 
trading.  So  far  as  prices  are  concerned,  the  cash  market  is  sup- 
posed to  be  less  sensitive  than  the  market  for  futures.  The  busi- 
ness of  the  future  market  is  to  register  changing  conditions  as 
promptly  and  accurately  as  possible.  Occasionally,  however,  arti- 
ficial situations  develop.  For  instance,  in  a  3'ear  of  a  very  good 
corn  crop,  a  large  number  of  speculators  may  have  sold  December 
corn  "short"  at  around  $1.20  a  bushel.  At  the  time  of  the  sale, 
they  may  have  had  every  reason  to  believe  that  they  could  eventu- 
ally buy  the  actual  grain  for  less  than  this  price  when  the  month 
of  December  finally  arrived.  Then  gradually  transportation  dif- 
ficulties began  to  grow  and  bad  weather  came  on,  and  altho  tliere 
might  be  an  enormous  crop  in  the  country,  there  would  be  very 
little  corn  in  Chicago.  Then  certain  other  speculators  might  go 
to  work  buying  large  quantities  of  December  corn  futures,  knowing 
that  other  men  were  "short"  a  long  line  of  December  corn  at  $1.20. 
These  speculators  might  not  actually  want  the  corn,  but  neverthe- 
less, by  playing  the  technique  of  the  market,  might  be  able  to  create 
a  "squeeze"  and  force  the  price  of  corn  up  to  $1.50  a  bushel  before 
permitting  the  "shorts"  to  settle.  And  this  might  happen  in  spite 
of  tlic  fact  that  by  January  2d  there  might  be  enough  actual  corn 
coming'into  Chicago  to  enable  cash  corn  to  be  sold  as  low  as  $1.20. 

The  object  of  this  book  is  neither  to  praise  nor  condemn  the 
speculative  system  as  a  method  for  registering  prices  of  farm 
products.     We  are  pointing  out  the  strong  points  in  the  present 


10  Agricultural  Prices 

system.  Idealistic  social  workers,  representatives  of  organized 
labor,  and  many  farmers,  would  like  to  do  away  with  the  specu- 
lative system  of  registering  prices.  They  would  like  to  substitute 
therefor  price-fixing  legislation.  These  people,  as  a  rule,  are 
densely  ignorant  of  the  legitimate  price-making  forces,  and  it  is 
impossible  that  they  should  be  able  to  shape  a  price-registering 
machinery  superior  to  that  which  we  now  have.* 

One  reason  for  the  writing  of  this  book  is  the  belief  that  organ- 
ized farmers  and  organized  labor,  working  in  conjunction  with 
certain  idealists,  will  make  an  effort  to  modify  our  present  price- 
registering  system.  We  are  heartily  in  sympathy  with  such  an 
effort,  for  the  speculative  s^'stem  is  far  from  perfect.  But  it  is 
such  a  delicate  system  of  registering  prices  that  we  believe  that 
even  the  most  virulent  opponents  should  allow  the  system  to  run 
unchecked  for  a  good  many  j'cars  yet,  in  order  that  they  may  study 
its  functions  more  carefully.  Here  is  a  great  field  of  research 
for  the  economists,  who  for  some  unknown  reason  have  failed  to 
stud^'  Board  of  Trade  prices  during  the  past  fifty  3'ears  as  closely 
as  they  should. 

Improvement  on  our  present  system  can  be  made  only  after  a 
thoroly  scientific  and  dispassionate  study  of  its  strength  and 
weakness. 


*The  following  defense  of  the  functions  of  the  Board  of  Trade  was  com- 
piled by  Mr.  John  R.  Mauff,  the  secretary:  "The  Chicaso  Board  of  Trade  has 
exclusive  characteristics,  indispensable  to  the  welfare  of  the  producer  and  con- 
sumer. It  offers  the  producer  a  constant  and  infallible  fluctuating  market,  de- 
termined and  regulated  by  the  inexorable  law  of  supply  and  demand.  It  creates, 
thru  the  trading  of  its  large  membership,  representing  the  various  branches  of 
agricultural  and  industrial  activity,  continuous  quotations  that  are  collected  and 
distributed  generally  and  without  cost  to  the  public.  There  is  thus  presented 
the  opportunity  for  the  producer  to  determine  at  any  time  the  exact  value  of  his 
products.  A  further  advantage  is  that  he  can  dispose  of  these  products  at  any 
time  by  making  a  future  delivery  'hedging'  contract  to  suit  his  inclination,  re- 
gardless of  bad  roads  or  transportation  problems.  Another  benefit  is  the  large 
and  daily  open  competitive  market  in  which  to  display  his  wares  before  a  multi- 
tude of  buyers  simultaneously,  obviating  the  otherwise  impossible  task  of  com- 
municating with  this  diversity  of  demands  by  personal  effort.  Protected  at  all 
times  by  a  set  of  rules  and  regulations  holding  its  members  to  a  strict  account- 
abilty  for  their  proper  conduct  as  commission  merchants;  mandatory  for  sus- 
pension or  expulsion  for  any  violation  of  the  ethics  of  trade.  Having  at  their 
disposal  a  variety  of  ability  only  to  be  found  in  a  large  membership,  insuring  in 
this  way  proper  handling  and  attention  because  a  strenuous  effort  is  always 
masterful  and  resourceful  where  competition  is  rife.  Dissemination  of  statistics 
relating  to  agriculture;  the  benefits  of  terminal  elevators  equipped  with  modern 
apparatus  for  the  proper  care  of  sample  grades.  For  consumers,  car  shortage 
and  other  transportation  difficulties  productive  of  business  stagnation  overcome 
by  the  opportunity  to  purchase  for  future  delivery  the  raw  material  where 
'short'  sales  of  product  call  for  protection.  Consummation  of  contracts  possible 
at  all  times  thru  the  machinery  of  a  market  for  future  delivery  at  continuous 
prices,  reliaVjle  to  the  fluctuations  of  a  small  fraction — one-eighth  of  one  cent 
per  bushel.  In  conclusion,  and  by  no  means  least,  the  facilities  offered  for  thus 
establishing  value  in  every  part  of  the  United  States,  with  no  inequality  because 
of  geographical  location,  and  so  a  death  knell  to  the  exploiters  of  producers  and 
consumers  because  of  this  knowledge  widely  disseminated  and  so  easy  of 
understanding." 


THREE  PRICE-MAKING  FORCES 

THREE  forces  are  prominent  in  making  agricultural  prices — • 
cost  of  production,  supply  and  demand,  and  strategic  consid- 
erations. Farmers  and  laborers  believe  that  cost  of  production 
should  be  the  chief  consideration.  Business  men  preach  "supply 
and  demand"  as  the  great  price-making  force,  and  in  addition  use 
strategic  propaganda  when  it  is  to  their  advantage  to  do  so. 

Cost  of  production  in  the  long  run  is  on  the  average  practically 
identical  with  both  the  supply-and-demand  price  and  the  actual 
price.  It  is  in  the  very  nature  of  things  that  those  producers 
who  can  not  on  the  average  get  cost  of  production  will  go  out  of 
business.  In  the  case  of  the  hog  business,  it  takes  about  three 
years  for  the  average  man  to  get  in  and  out.  Ten  years,  which 
is  fully  three  times  the  "in  and  out"  cycle,  is  "long  run"  in  the  hog 
business.  A  ten-year  average  of  actual  hog  prices  should  there- 
fore be  approximately  equal  to  a  ten-year  average  of  the  cost-of- 
production  price  of  hogs.  As  a  matter  of  fact,  we  find  that  the 
cost  of  production,  as  shown  by  the  corn-hog  ratio,  is  practically 
the  same  from  one  decade  to  the  next.  Decade  after  decade,  the 
corn-hog  ratio  has  remained  constant  at  eleven  to  twelve  bushels 
of  Chicago  corn  per  hundred  pounds  of  Chicago  hog  ever  since 
the  Civil  war.  Farm  management  investigations  indicate  that 
for  the  average  farmer  this  ratio  represents  approximately  cost 
of  production.  As  a  matter  of  fact,  this  ratio  is  "cost  of  produc- 
tion" in  the  very  truest  sense  of  the  term.  This  ratio  represents 
the  reward  necessary  to  keep  enough  farmers  producing  hogs  to 
satisfy  the  consuming  demand,  year  in  and  year  out.  Stated  thus 
baldly  and  simply,  we  see  how  the  cost  of  producing  a  hundred 
pounds  of  hog  weight  must  in  the  long  run  average  the  same  as  the 
"actual"  price  and  also  the  "supply  and  demand"  price.  And  yet 
hogs  may  sell  for  a  year  or  so  for  the  value  of  fifteen  bushels  of 
corn,  as  they  did  in  1H66  and  1910,  or  they  may  sell  for  a  year  or 
so  for  the  value  of  nine  bushels  of  corn,  as  they  did  in  1908  and 
1917.  At  any  given  time,  the  cost-of-production  price  is  likely 
to  be  decidedly  lower  or  higher  than  the  actual  price  or  the  supply- 
and-demand  price.  It  is  only  on  the  average  that  cost  of  produc- 
tion becomes  identical  with  the  actual  price. 

Supply-and-demand  price  departs  from  the  cost-of-production 
price  at  any  given  time  because  of  such  things  as  unusual  weather, 
accidents,  etc.     Dry  weather  in  July  and  August  may  cut  the  com 


12  Agricultural  Prices 

crop  short,  and  as  a  result  temporarily  increase  the  number  of 
hogs  marketed.  Under  such  conditions,  the  packer  bu3'ers  make 
no  attempt  to  pay  for  the  hogs  the  increased  price  which  the  higher 
price  of  com  would  warrant,  but  instead  buy  as  cheaply  as  they 
can,  quoting  in  defense,  "supply  and  demand." 

A  business  panic  may  come  on,  as  in  October  of  1907,  and  as  a 
result  the  demand  for  meats  of  all  kinds  may  shrink.  Corn  prices, 
the  cost  of  producing  hogs,  ma}'  stay  up,  as  was  the  case  in  1907- 
1908,  but  hog  prices  nevertheless  are  reduced.  A  study  of  the 
hog  market  for  many  years  past  reveals  the  fact  that  the  imme- 
diate price-making  force  is  "supply  and  demand,"  and  that  "cost 
of  production"  has  no  influence  whatever  on  prices  except  in  the 
long  swings. 

The  supply-and-demand  theory'  of  prices  is  well  understood  by 
nearly'  every  one.  Supposedly,  actual  prices  at  any  given  moment 
represent  an  equilibrium  of  supply  and  demand.  The  next  day 
larger  supplies  come  in,  and  the  demand  remains  unchanged;  natur- 
ally the  price  declines  to  a  point  where  supply  and  demand  are 
again  equal.  There  is  a  presumption  in  the  minds  of  many  people 
that  suppl}'  and  demand  interact  with  almost  mathematical  accur- 
acy' to  determine  prices.  In  the  long  run,  possibly  this  is  true. 
The  day-by-day  price,  however,  is  as  much  a  matter  of  psychology 
as  mathematics. 

This  brings  us  to  a  consideration  of  those  more  intangible  price 
forces  which  may  be  grouped  together  under  the  head  of  strategy. 
In  January  and  in  August  of  1919,  we  had  excellent  examples  of 
the  use  of  strateg}'  as  a  price-making  force.  In  both  months,  cer- 
tain powerful  interests  worked  in  conjunction  with  the  newspapers 
to  modify  public  psychology  in  the  interests  of  lower  prices.  Day 
after  day,  the  lower  price  bombardment  was  directed  against  the 
farmers  by  the  daily  press  and  the  politicians.  Prices  declined  in 
spite  of  the  fact  that  the  supply  was  greatly  curtailed  and  the 
potential  demand  was  as  great  as  ever.  In  the  corn  market,  re- 
ceipts were  exceedingly  light  at  Chicago  during  both  price  raids. 
Hog  receipts  in  August  of  1919,  when  prices  dropped  $5  per  hun- 
dredweight, were  the  smallest  of  the  year.  But  government  offi- 
cials constantly  talked  about  the  vast  army  supply  of  bacon.  As 
a  matter  of  fact,  the  quantity  of  pork  products  put  on  the  market 
by  the  government  was  not  enough  to  account  for  much  of  a  drop 
in  hog  prices.  But  the  publicity  which  went  with  the  government 
announcements,  combined  with  determined  pressure  on  the  specu- 
lative markets  in  this  country  and  abroad,  sufficed  to  lower  prices 


Three  Price-Makikg  Forces 


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Solid  line  shows  exports  from  U.  S.  Dotted  line, 
ocean  freights  from  New  York  to  Liverpool.  Ocean 
freights  are  low  in  summer  when  exports  are  low,  and 
high  in  the  fall  when  exports  are  heavy. 


tremendously  in  de- 
fiance of  any  math- 
ematical expression 
of  supply  and  de- 
mand. 

There  is  a  strat- 
egy to  the  timing  of 
a  determined  price 
drive.  All  farmers 
know  that  such  a 
drive  may  be  ex- 
pected in  the  fall  of 
the  year.  A  drive 
in  the  fall  is  partly 
normal  as  a  result 
of  the  increased  supply  at  that  time,  but  oftentimes  strategic.  In 
the  fall  of  1865,  following  the  Civil  war,  there  was  a  determined 
price  drive,  roughly  corresponding  to  the  price  drive  initiated  in 
August  of  1919.  In  both  cases,  strategic  factors  were  apparently 
paramount.  Certainly,  no  mathematical  formulation  of  the  law 
of  supply  and  demand  could  account  for  the  price  changes  which 
took  place  in  1865  and  1919. 

Farmers  have  discovered  since  191-4  that  such  disturbances  as 
foot-and-mouth  disease,  interrupted  railroad  service,  and  falling 
foreign  exchange  may  influence  prices  without  changing  either 
potential  suppl}"^  or  potential  demand.  They  have  suspected  the 
"interests"  of  manipulating  foreign  exchange  in  the  fall  of  the 

year  to  make  lower  price  for 
farm  products.  They  have  known 
that  ocean  freights  have  gener- 
ally advanced  in  the  fall  of  the 
year,  to  the  detriment  of  farm- 
product  prices  in  the  United 
States,  and  they  have  suspected 
that  part  of  this  advance  in 
ocean  freight  rates  was  due  to 
England  trying  to  get  a  large  re- 
turn on  her  shipping  and  at  the 
same  time  buy  her  food  more 
cheaply. 
Solid  line.  u.  s.  exports;  dotted  line.  The    two    charts    presented 

British  exchange  in  U.  S.    Dotted  line      i  •■i    •    j-       ■      ii  i 

is  inverted  tg  show  how  heavy  exports    iierewith  indicate  the  normal  sea- 

and  weak  exchange  go  together.  Chart  i    ■.         j        j       •  xi        j         j 

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14  Agricultural  Prices 

preceding  the  war^  of  exports  from  the  United  States  as  related  to 
British  exchange,  and  to  ocean  freights  from  New  York  to  Liver- 
pool. It  will  be  noted  that  United  States  prices  must  necessarily 
be  weakened  in  the  fall  of  the  year  by  weak  British  exchange  and 
high  ocean  freights. 

The  speculative  price  as  set  from  day  to  day  is  sometimes  a 
result  of  technical  situations  altogether  apart  from  supply  and 
demand.  Ordinarily,  the  speculative  price  as  represented  by 
"futures"  and  the  cash  price  move  in  sympathy,  but  occasionally 
a  scared  "short"  finds  the  market  oversold  and  bids  up  prices  un- 
duly in  an  effort  to  cover,  or  a  tired  "long"  finds  the  market  over- 
bought and  sends  prices  down  unduly  in  an  effort  to  sell.  And 
occasionally  there  is  manipulation — interests  working  together  to 
make  the  price  temporarily  higher  or  lower  than  a  normal  working 
of  supply  and  demand  would  justify.  Sometimes  the  cash  markets, 
following  the  lead  of  the  speculative  markets,  may  get  out  of  line 
witli  ultimate  supply-and-demand  conditions  for  several  months 
at  a  time. 


CRITICISM  OF  OUR  PRICE-MAKING 
SYSTEM 

PRICES  of  corn,  hogs,  etc.,  are  determined  chiefly  by  supply 
and  demand,  together  with  the  occasional  influence  of  stra- 
tegic manipulation.  The  system  as  operated  by  the  packers  and 
Board  of  Trade  speculators  really  reflected  conditions  before  the 
war  with  remarkable  accuracy.  During  the  war,  so  many  extraor- 
dinary conditions  were  at  work  that  it  was  impossible  to  measure 
supply-and-demand  conditions  at  all  accuratel}^  and  it  is  impos- 
sible to  say  how  efficiently  the  speculators  did  their  work. 

But  speculators  and  packers,  in  so  far  as  they  set  prices,  are 
concerned  solely  in  making  a  profit  for  themselves.  If,  by  manip- 
ulating the  market,  they  can  make  a  bigger  profit  than  by  trying 
to  express  supply-and-demand  conditions  with  mathematical  ex- 
actitude, then  they  may  be  expected  to  manipulate.  The  violence 
with  which  hog  prices  swing  above  and  below  cost  of  production 
would  suggest  that  the  packers  are  consciously  endeavoring  to  send 
prices  too  low  for  a  year  or  two,  in  order  later  to  send  them  too 
high.  They  go  into  the  low-price  period  with  a  small  amount  of 
high-priced  products  on  hand,  and  come  out  into  the  higher  level 
with  a  large  quantity  of  low-price  products.  It  would  seem  that 
by  laying  in  a  stock  of  hog  products  at  the  low  point,  they  hope 
to  profit  later  b}^  an  advance  in  price. 

It  is  typical  of  supply  and  demand,  as  it  makes  prices  of  stan- 
dard farm  products,  that  a  small  crop  sells  for  more  than  a  large 
crop.  A  twenty  per  cent  decrease  in  the  supply  raises  the  price 
more  than  twenty  per  cent,  possibly  thirty  per  cent,  or  even  fifty 
per  cent.  Old  Gregory  King,  in  the  latter  part  of  the  Seventeenth 
century,  recognized  this  principle  when  he  stated: 

"We  take  it  a  defect  in  the  harvest  may  raise  the  price  of  corn 
[wheat]  in  the  following  proportions : 

Defect.  Above  the  common  rate. 

1  tenth      raises  the  price     3  tenths 

2  tenths    raises   the  price     8   tenths 

3  tenths    raises  the  price   16   tenths 

4  tenths    raises   the  price  28   tenths 

Modern  statistical  study  indicates  that  this  statement  of  King's 
is  somewhat  exaggerated,  but  undeniably  the  tendency  exists 
among  standard  agricultural  products  for  small  crops  to  bring  in 


16  Agricultural  Prices 

a  greater  return  than  large  crops.  In  other  words,  the  demand 
for  farm  products  is  inelastic.  The  ultimate  consumer  wants  just 
so  much  of  staple  foods,  no  more,  no  less.  If  .farmers  raise  more 
than  so  much,  they  must  accept  a  considerable  reduction  in  price; 
if  tlicy  raise  less,  they  can  command  an  advance  out  of  all  propor- 
tion to  the  shortage.  The  law  of  demand  for  staple  farm  products 
being  inelastic,  small  crops  bring  in  a  greater  return  than  large 
crops.* 

The  classical  economists,  the  people  of  laissez  faire  persuasion, 
accept  this  condition  as  natural,  as  inevitable,  and  therefore  de- 
sirable. But  is  it  desirable. P  The  sharp  price  rise  which  comes 
as  a  shortage  becomes  apparent  benefits  those  lucky  producers  who 
have  supplies  on  hand,  and  especially  those  keen  speculators  who 
first  saw  the  oncoming  shortage  and  bought  in  anticipation.  This 
sharp  price  rise  may  overstimulate  production.  The  high  hog 
prices  in  1909-1910  stimulated  the  production  of  too  many  hogs, 
and  when  this  increased  production  reached  market,  the  price  was 
$6.50  instead  of  the  expected  $8  to  $10.  And  the  low  prices  of 
1911-1912  in  turn  begat  the  high  prices  of  1913-1914. 

The  question  comes.  Would  it  not  be  to  the  public  interest  if, 
in  price  making,  more  emphasis  could  be  placed  on  cost  of  produc- 
tion and  less  on  the  short-time  working  of  the  law  of  supply  and 
demand.''  Prices  should  rise  with  a  short  crop,  but  not  to  such 
an  extent  as  to  make  a  short  crop  more  profitable  than  a  normal 
crop.  If  a  moderate  rise  in  prices  will  not  sufficiently  curtail  de- 
mand, then  the  public  should  be  educated  to  the  fact  that  there 
has  been  a  drouth,  and  that  unless  they  curtail  their  demand,  there 
will  not  be  enough  to  go  around.  Of  course,  under  our  present 
laissez  faire  attitude,  every  speculative  business  man  would  take 
such  a  pronouncement  as  a  "bull"  statement,  and  the  demand 
would  immediately  increase  instead  of  decrease.  There  is  danger 
that  any  attempt  to  make  cost  of  production  the  guiding  factor  in 
price  determination  will  amount  to  close  government  supervision 
of  storage,  speculation  and  similar  market  phenomena.  The  dis- 
advantages of  government  supervision  are  apparent  to  all  who 
watched  the  Food  Administration  at  work  during  the  war.  The 
Food  Administration  performed  a  hard  job  remarkably  well,  but 
farmers  found  that  the  officials  were  ignorant  of  agriculture,  and 
that,  moreover,  agricultural  interests  could  not  expect  a  square 
deal  except  in  so  far  as  they  were  organized  to  compel  a  square 


♦The  skew  curves  of  supply  and  demand,  as  derived  by  H.  L.  Moore, 
in  his  book  on  "Economic  Cycles,"  furnish  mathematical  proof  of  this 
statement  so  far  as  corn  and  oats  are  concerned. 


Criticism  of  Our  Price-]\Iakixg  System  17 

deal,  or  except  as  the  emergency  itself  compelled  a  square  deal 
to  insure  continued  production. 

If  farmers  are  to  continue  under  the  present  loissez  faire  sys- 
tem with  supply  and  demand,  together  with  strategic  manipula- 
tions, as  the  price-making  force,  they  must  necessarily  learn  to 
play  the  game  themselves.  They  will  find  it  necessary  to  practice 
sabotage  in  the  same  scientific,  businesslike  Avay  as  labor  and  cap- 
ital. They  will  reduce  the  size  of  their  crops  at  strategic  moments, 
because  they  know  that  small  crops  ordinarily  bring  in  a  greater 
return  than  large  crops.  Of  course,  if  farmers  should  practice 
sabotage  in  the  same  heartless,  efficient  way  as  labor  and  capital, 
our  society  will  be  imperiled.  The  burden  of  the  sabotage  prac- 
ticed by  labor  and  capital  has  been  borne  chiefly  by  the  farmer. 
When  farmers  also  practice  sabotage,  labor  and  capital  will  be 
forced  to  come  to  an  agreement  with  farmers  on  production  and 
price  matters. 

Is  there  not  a  possibility  that  capital,  laborers  and  farmers, 
by  placing  themselves  in  equally  powerful  bargaining  positions, 
may  come  to  see  the  futility  of  sabotage  as  a  price-sustaining 
force.''  Once  farmers  are  able  to  meet  the  other  classes  of  society 
on  equal  terms,  all  three  classes  ought  to  unite  on  production  as 
the  source  of  profit,  rather  than  on  clever  bargaining.  This  in- 
volves close-knit  organizations  of  both  farmers  and  laborers  under 
the  leadership  of  men  well  educated  in  general  economics,  in  stra- 
tegic bargaining,  and  in  production.  There  must  be  men  studying 
the  system  as  a  whole,  men  who  perceive  the  legitimate  physical 
difficulties  which  our  society  faces.  The  labor  leaders  nuist  come 
to  see  that  there  is  a  point  bej'ond  which  labor  can  not  go  in  raising 
Avages  and  reducing  hours.  Farm  leaders  must  come  to  see  that 
there  is  a  point  Ijeyond  which  farmers  can  not  go  in  reducing  acre- 
age and  raising  prices.  Business  leaders  must  come  to  see  that 
the  common  people  will  not  stand  for  curtailment  of  production  to 
two-thirds  factory  capacity  in  order  to  secure  al)normal  profits, 
when  by  running  the  factories  to  full  capacity  the  business  will 
give  normal  ])rofits,  Tlie  best  brains  of  all  classes  must  unite  in 
overcoming  legitimate  physical  handicaps,  not  in  figuring  out 
ways  in  whieli  a  specific  class  may  benefit  at  the  expense  of  other 
classes.  In  the  meantime,  farmers  nuist  learn  to  use  sagacious 
sabotage  as  effectively  jis  labor  .md  capital.  Otherwise  they  will 
cojitinue  to  be  at  the  mercy  of  capital  and  labor. 

What  is  the  best  means  of  overcoming  the  food  shortage  re- 
sulting from  droutji?  I.aissc::  iii'irc  econonn'sts  and  business  men 
say:     T-et  liigh   prices   curtail   demaiul   and   stinuilate  production. 


18  Aguicultuuai-  Pkices 

13ut  this  remedy  is  ''locking  tlie  stable  after  the  horse  is  stolen." 
Is  it  practical  to  build  government  warehouses  to  store  wheat  in 
years  when  the  acre  yield  is  more  than  fifteen  bushels,  and  fro- 
which  wheat  may  be  drawn  in  years  when  the  yield  is  less  than 
thirteen  bushels? 

No  scheme  of  this  sort  can  be  definitely  laid  out  in  advance. 
13ut  statistical  science  will  soon  reach  a  point  where  it  should  be 
possible  to  meet  our  physical  handicaps  in  the  way  of  drouth, 
floods  and  accident,  in  the  spirit  of  doing  what  is  best  for  society, 
instead  of  utilizing  the  crisis  for  individual  or  class  profit. 

If  we  are  to  continue  our  present  complex  societ}'^,  we  must 
educate  our  children  very  thoroly  in  social  mathematics.  Our  prob- 
lems are  not  only  problems  of  the  spirit,  but  also  of  exact  measure- 
ment. What  is  the  fair  price  for  bacon?  This  involves  the  cost- 
of-production  idea.  Is  bacon  relatively  lower  or  higher  than  hogs? 
Are  hogs  relatively  lower  or  higher  than  corn?  Is  there  a  normal 
suppW  in  the  country?  If  bacon  were  lower  in  price,  would  the 
future  supph'  be  imperiled?  Would  an  injustice  be  done  to  farm- 
ers? If  bacon  were  higher  in  price,  would  an  undue  profit  accrue 
to  the  packers,  or  would  the  farmers  be  stimulated  to  produce  to^ 
many  hogs  a  year  from  now? 

Possibly  it  will  be  wise  for  the  government  to  provide  funds  to 
finance  a  Price  Publicity  Committee,  to  be  made  up  of  economists 
appointed  by  our  state  universities  and  agricultural  colleges.  The 
duty  of  this  commission  would  be  to  make  public  week  by  week  the 
relevant  price  facts.  They  would  point  out  which  products  are  rel- 
atively high  and  which  are  relatively  low,  and  issue  index  numbers 
of  various  kinds,  in  an  endeavor  to  educate  the  public  to  funda- 
mental price  facts.  The  object  of  such  a  Price  Publicity  Com- 
mittee will  be  to  furnish  such  constant  publicity  that  it  will  be  diffi- 
cult for  any  product  to  sell  for  any  length  of  time  either  above  or 
/below  cost  of  production.  And  in  sa^'ing  this  we  define  cost-of- 
V  ^production  price  as  that  price  which  is  necessary  in  the  long  run 
to  keep  enough  producers  in  the  business  to  satisfy  the  demand. 
It  is  believed  that  adequate  publicity  will,  favor  the  prevailing  of 
the  long  run  cost-of-production  price  as  opposed  to  the  short  run 
supply-and-demand  price. 

Men  in  whom  the  laborers  of  the  country  have  faith  should 
have  an  intimate,  statistical  knowledge  of  the  supply  and  de- 
mand forces  as  they  make  prices  and  as  they  make  for  the  pros- 
perity of  laborers  and  society  as  a  whole.  Men  in  wliom  farmers 
have  faith  should  have  an  intimate,  statistical  knowledge  of  labor 
and  business  problems  in  order  that  they  may  know  approximately 


Agricultural  Pkices  19 

mIicu  labor  and  business  are  charging  fair  prices  for  their  services. 
Business  men  already  have  a  fair  statistical  knowledge  of  farming 
and  labor  conditions,  but  they  need  an  even  more  intimate  knowl- 
edge, as  well  as  a  change  of  heart.  They  must  learn  to  operate 
their  businesses  from  the  standpoint  of  greatest  service  and  a  fair 
profit,  not  from  the  standpoint  of  greatest  profit.  Those  busi- 
nesses which  do  not  learn  this  may  expect  to  be  taken  over  either 
by  the  government,  organized  labor,  or  organized  farmers,  if  noh 
in  one  way,  tlien  in  another. 


SUPPLY  AND  DEMAND 

BOTH  farmers  and  city  consumers  have  expressed  much  dis- 
satisfaction in  recent  years  with  the  methods  of  price  deter- 
mination as  used  by  the  boards  of  trade  and  packing  houses.  The 
representatives  of  the  boards  of  trade  and  packing  houses  have 
answered  these  comphiints  with  the  simple  formula,  "supply  and 
demand." 

During  the  war,  many  people  announced  that  prices  in  the 
United  States  were  no  longer  the  result  of  supply  and  demand. 
For  a  period  of  two  and  a  half  years,  wheat  prices  were  held  at 
approximately  $2.20  a  bushel,  in  spite  of  the  fact  that  both  supply 
and  demand  conditions  were  varying  constantly  during  this  period, 
and  in  spite  of  the  fact  that  under  supply-and-demand  conditions 
as  they  ordinarily  work,  prices  might  have  been  expected  to  have 
gone  as  high  as  $4  and  as  low  as  $1.50,  at  different  times  during 
this  period  of  two  and  one-half  years.  Social  workers  and  others 
of  idealistic  temperament  who  have  always  been  pained  with  the 
rather  heartless  wa}'  in  which  the  law  of  supply  and  demand  has 
worked,  were  much  pleased  with  the  stabilized  wheat  price,  and  re- 
ferred to  it  as  an  instance  of  the  repeal  of  the  law  of  supply  and 
demand. 

Of  course,  the  law  of  supply  and  demand  never  has  been  re- 
pealed, and  never  will  be  repealed.  Instead  of  trying  to  repeal 
it,  we  should  try  to  secure  the  best  type  of  price-fixing  machinery 
Uhru  Avhich  this  law  may  work.  Man  has  not  repealed  the  law  of 
gravitation,  but  has  devised  such  machines  as  automobiles,  air- 
planes, etc.,  thru  Avhich  he  accomplishes  his  purposes  notwith- 
standing. 

Our  city  friends  who  favor  government  attempts  to  repeal  the 
law  of  supply  and  demand  and  to  fix  uniform  and  relatively  cheap 
prices  should  direct  their  efforts  toward  the  search  for  a  new  price- 
fixing  machinery.  For  arbitrary  interference  with  this  law  in- 
variably brings  penalties  in  the  form  of  conditions  wliich  often  are 
more  severe  than  the  condition  which  it  was  hoped  to  improve. 

What  we  should  strive  for  rather  is  a  better  understanding  of 
the  law  of  supply  and  demand,  in  the  hope  that  we  may  be  able 
/to  modify  the  severity  of  its  operation  and  thus  avoid  periods  of 
feast  and  famine,  with  their  unreasonably  low  prices  and  unreason- 
ably high  prices. 

Thousands  of  men   in  tlu'  corn  l)elt,  especially  the  leaders  of 


Sl'pply  and  Demand  21 

the  organized  farmers,  should  be  familiar  with  the  normal,  math- 
ematical working  of  the  law  of  supply  and  demand.  They  should 
know  not  only  when  prices  are  lower  than  warranted  by  the  supply, 
but  just  how  much  too  low.  Exact  measurement  is  necessary  in 
order  to  perceive  when  unusual  factors  are  at  work.  The  price 
indicated  by  a  mathematical  interpretation  of  supply  and  demand 
may  be  $1.25  for  corn,  whereas  the  actual  price,  because  of  a  purely 
speculative  drive,  may  be  only  $1.  It  is  wise  to  measure  prices  to 
some  extent  by  purely  mathematical  considerations,  in  order  that 
we  may  perceive  more  clearly  when  extraordinary  forces  are  at 
work. 

After  having  arrived  at  a  price  based  on  a  mathematical  inter- 
pretation of  supply  and  demand,  the  problem  is  to  determine  to 
what  extent  extraordinary  forces  are  at  work  and  to  what  extent 
it  may  be  worth  while  to  combat  them  by  extraordinary  measures. 
If  corn  is  15  cents  a  bushel  below  the  mathematically  justified 
price,  will  it  be  advisable  for  farmers  generally  to  hold  their  corn 
and  cause  a  shortage  at  the  terminal  markets?  Will  it  be  advis- 
able to  put  out  newspaper  propaganda  showing  the  public  how 
the  market  price  of  corn  is  below  cost  of  production,  or  put  on  an 
advertising  campaign  to  increase  the  demand?  These  matters  of 
larger  policy  are  mostly  outside  the  field  of  mathematics.  They 
are  largel}'  matters  of  strategy.  How  much  bargaining  force  do 
the  farmers  represent?  To  what  extent  will  tiny  follow  directions? 
At  what  season  of  the  year  is  it  best  to  strike? 

Generally  speaking,  a  farmers'  drive  for  higher  prices  would 
best  begin  about  January  1st,  and  should  reach  its  greatest  inten- 
sity abovit  March  1st.  After  March  1st,  seasonal  scarcity  begins, 
and  no  further  propaganda  is  needed.  A  consumers'  drive  for 
lower  prices  best  begins  about  August  15th,  and  reaches  its  great- 
est intensity  about  October  15th.  After  October  15th  the  seasonal 
surplus,  especially  of  corn  and  hogs,  begins,  and  there  is  no  fur- 
ther need  for  consumers  to  bring  artificial  propaganda  to  bear. 
It  is  interesting  to  note  in  this  connection  that  the  "bear"  campaign 
engineered  by  the  governments  of  the  world  in  1919  began  in  late 
July  and  continued  until  about  October  15th,  at  which  time  the 
weight  of  the  season's  marketings  was  sufficient  to  hold  prices 
down  without  additional  use  of  newspaper  space. 

After  a  mathematical  study  of  prices,  the  leaders  of  farm  or- 
ganizations, in  so  far  as  they  attempt  to  influence  prices,  must 
consider  the  state  of  the  export  trade,  rate  of  foreign  exchange, 
ocean  freights,  world  crop  conditions,  business  conditions  at  home 
and  abroad,  and,  in  fact,  all  the  factors  which  the  trained  specu- 


22  Agi\ict:lturai.  PiticEs 

liitors  take  into  account  on  the  Board  of  Trade.  Tlicy  must  take 
all  of  these  things  into  account,  and  yet  be  able  on  occasion  to  act 
decisively.  The}'  must  learn  to  play  the  game  in  the  same  fashion 
as  a  skillful  whist  player.  They  must  not  "overbid"'  their  hand, 
but  bid  its  full  worth,  and  they  must  take  all  the  tricks  they  can. 

To  have  even  a  fair  chance  of  success  in  an  effort  of  this  sort, 
farmers  must  set  up  a  very  strong  statistical  organization,  in 
charge  of  a  highly  competent  staff  of  thoroly  trustworthy  experts. 
For  farmers  themselves  have  neither  the  time  nor  the  opportunity 
to  secure  the  training  necessary  to  enable  thorn  to  acquire  and  as- 
similate the  information  needed. 


CAN  "PRICE"  MAKE  "SUPPLY  AND 
DEMAND"? 

DISSATISFIED  farmers  and  city  consumers  have  been  told 
often  that  "supply  and  demand"  makes  the  price.  Econo- 
mists have  backed  up  the  Board  of  Trade  people  and  the  packers 
in  making  this  assertion. 

But  is  it  not  almost  equally  true  to  say  that  "price"  makes 
the  "supply  and  demand"?  Is  it  not  possible  to  set  a  price  which, 
as  can  be  demonstrated  mathematically,  is  out  of  line  with  the 
present  supply  and  demand,  and  thru  this  price  to  create  new  and 
unexpected  suppl3'-and-demand  conditions.'* 

It  is  conceivable,  for  example,  that  oleomargarine  might  be 
sold  for  several  years  at  a  price  below  that  warranted  by  supply 
and  demand  and  equally  below  a  price  warranted  by  cost  of  pro- 
duction. It  is  conceivable  that  the  abnormally  low  price,  without 
reducing  the  supply,  would  increase  the  demand  and  result  in  the 
formation  of  the  oleomargarine  habit  among  millions  of  people. 
And  it  is  equally  conceivable  that  later  on  the  price  of  oleomar- 
garine might  be  increased  more  nearly  to  a  parity  with  butter,  and 
that  the  oleomargarine  eating  public  might  continue  the  oleomar 
garine,  even  tho  it  was  underselling  butter  by  only  10  cents  a 
pound,  instead  of  the  15  cents  a  pound  differential  which  was  ex- 
isting when  the  habit  was  formed. 

A  low  price  may  be  used  to  create  a  demand,  which  will  con- 
tinue even  after  the  low  price  no  longer  exists.  In  like  manner,  a 
low  price  may  be  used  to  curtail  the  supply  of  the  competing 
article.  In  the  illustration,  an  artificially  low  price  for  oleomar- 
garine might  reduce  the  demand  for  butter,  thereby  reducing  the 
supply,  and  increase  the  demand  for  oleomargarine,  and  this  situ- 
ation of  a  reduced  supply  of  butter  and  an  increased  supply  of 
oleomargarine  might  continue,  even  tho  the  price  of  oleomargarine 
were  later  raised  to  its  customary  relationship  with  butter.  Price 
may  act  as  a  cause  and  "supply  and  demand"  ma}"  be  a  result. 

In  open,  competitive  markets,  "supply  and  demand"  generally 
comes  first  and  price  follow's  after.  Before  the  war,  for  instance, 
the  dominating  factor  in  the  corn  market  was  the  supply  of  corn, 
and  during  the  months  of  July  and  August,  when  the  new  corn 
crop  was  being  made,  the  price  of  corn  varied  with  .ilinost  mathe- 
matical accuracy  with  the  rainfall  and  temperature  which  were 
making  ihc  new  corn  crop.      The  demand  for  corn  was  a  fairly 


24  Aguk  Ti/rruAi.  I'kicks 

constant  factor.      TJic  supply  of  corn  was  the  i)ricc-niaking  force. 

Since  the  war,  corn  prices  have  not  been  the  result  of  "supply 
and  demand"  in  tlie  sense  that  they  were  beft)re  the  war.  During 
1919,  price  often  came  first  in  the  corn  market,  and  supply  and 
demand  followed  afterward.  For  example,  in  January  and  Feb- 
ruary', 1919,  corn  prices  broke  f-iO  cents  a  bushel,  in  spite  of  the 
fact  that  receipts  at  central  markets  were  decidedly  below  their 
customary  level.  Influential  people  had  postulated  the  theory 
that  the  war  Avas  over,  and  that  supply  and  demand,  if  given  an 
opportunity,  would  operate  to  bring  about  a  lower  price  level. 
They  set  a  lower  price  level,  but  supply  and  demand  refused  to 
operate  on  the  new  level.  The  lower  corn  prices  which  prevailed 
during  the  spring  of  1919,  however,  probably  had  a  very  material 
effect  on  the  acreage  planted.  At  any  rate,  there  was  about  four 
per  cent  less  corn  planted  in  1919  than  in  1918. 

According  to  the  customary  view,  when  the  supply  is  smaller 
than  usual,  the  price  should  be  greater  than  usual,  and  vice  versa. 
In  the  hog  market  this  does  not  necessarily  hold  true.  In  Novem- 
ber of  1907,  hog  prices  were  dropped  with  a  terrific  jerk,  as  a 
result  of  certain  unusual  conditions.  The  drop  was  so  great  that 
farmers  refused  to  market  their  hogs,  and  receipts  of  hogs  in 
November  of  190T  were  about  one-third  smaller  than  in  the  ordi- 
nary November.  The  price  of  hogs  was  lower  than  customary  by 
about  one-fourth,  and  the  supply  of  hogs  marketed  was  less  b}' 
about  one-third.  A  similar  situation  prevailed  in  August  of  1919. 
Prices  dropped  about  $5  per  hundredweight,  or  faster  than  ever 
before  in  history.  Receipts  also  dropped,  and  much  fewer  hogs 
were  received  than  in  the  ordinary  August. 

In  both  1907  and  1919,  the  packers  figured  that  the  business 
world  was  so  upset  that  to  be  on  the  safe  side  they  would  best  buy 
their  hogs  cheaper  than  they  had  been  buying  them.  Farmers 
were  slow  to  realize  just  how  great  the  disturbances  had  been  in  the 
business  world,  and  failed  to  understand  that  in  a  situation  of  this 
sort  the  packers  could  put  thru  their  program  for  lower  prices,  in 
spite  of  reduced  hog  receipts  for  a  month  or  two.  It  is  in  the  very 
nature  of  things  that  the  packers  can  outlast  the  farmers  at  such 
a  game.  The  packers  know  more  accurately  than  the  f.-irmers  the 
supply-and-demand  conditions,  and  they  know  that  after  a  hog 
reaches  two  hundred  pounds,  it  is  only  a  question  of  weeks  till  the 
farmer  w  ill  let  him  go,  no  matter  what  the  price.  It  will  take  an 
extraordinarily  able  farmers'  organization  to  beat  the  packers  at 
this  game,  an  organization  which  holds  as  its  trump  card  "ultimate 
supply  and  demand." 


Can  "Pkice"  Make  "Supply  and  Demand"?  25 

Prices  may  make  supply  and  demand,  and  supply  and  demand 
may  make  prices.  First  one  has  the  lead,  and  then  the  other ;  the}" 
are  constantly  acting  and  reacting.  Before  the  war,  the  relation- 
ship in  some  commodities  might  be  expressed  with  almost  mathe- 
matical exactness,  but  there  were  constant  little  departures.  Since 
the  war  prices  have  much  more  often  taken  the  initiative  than  they 
did  before  the  war.  The  result,  of  course,  is  a  more  violently  fluc- 
tuating condition  of  both  suppl}'  and  demand. 

The  problem  which  farmers  and  city  consumers  should  put  to 
the  Board  of  Trade  people  and  the  packers  is :  What  are  you 
doing  to  place  prices  at  a  point  which  will  result  in  a  more  uniform 
supply  and  a  more  uniform  demand? 


COST  OF  PRODUCTION 

THE  common  man  prefers  to  approach  the  question  of  price  not 
from  the  standpoint  of  supply  and  demand,  but  from  the 
standpoint  of  cost  of  production.  The  laboring  man  says  that  he 
has  no  quarrel  with  the  farmer,  that  in  fact  he  is  glad  to  pay  the 
farmer  what  it  costs  him  to  produce  food.  Most  people  take  it 
for  granted  that  the  just  price  is  cost  of  production.  In  July  of 
1917,  President  Wilson  gave  his  scholarly  definition  of  a  just 
price:  "By  a  just  price  I  mean  a  price  which  will  sustain  the  indus- 
tries concerned  in  a  high  state  of  efficiency,  provide  a  living  for 
those  who  conduct  them,  enable  them  to  pay  good  wages  and  make 
possible  the  expansion  of  their  enterprises  which  will,  from  time 
to  time,  become  necessary,  as  the  stupendous  undertaking  of  this 
great  war  develops." 

The  idea  of  a  just  price,  covering  cost  of  production  and  rea- 
sonable profit,  is  considerably  different  from  market  price  or 
supply-and-demand  price.  The  market  price  typically  alternates 
considerabl}'  above  and  considerably  below  the  production  cost  of 
the  bulk  of  the  people  engaged  in  the  enterprise.  For  instance, 
when  prices  go  up  and  profits  become  larger,  new  people  are  at- 
tracted into  the  business  and  production  is  increased  until  finally 
there  is  more  supply  than  there  is  demand,  and  then  prices  have 
to  go  down  and  profits  become  losses,  and  the  people  who  can  not 
produce  except  at  the  high  prices  must  go  out  of  business.  Both 
the  farming  world  and  the  business  world  are  composed  of  a  great 
many  different  men,  each  of  whom  is  chasing  a  profit  in  his  own 
way.  ■Many  of  these  men  are  very  short-sighted  and  are  lured 
into  an  apparently  profitable  business  just  at  the  wrong  time,  and 
in  like  manner  become  discouraged  with  an  apparently  unprofit- 
able business  at  just  the  wrong  time.  Under  the  competitive  re- 
gime, it  is  apparent  to  any  thoughtful  business  man  that  both  in 
business  and  in  farming  the  market  price  or  supply-and-demand 
price  is  .almost  never  the  same  as  cost  of  production,  but  fluctuates 
in  rather  rhythmical  manner,  now  above  and  then  below  cost  of 
production,  tending  to  equal  almost  exactly,  over  any  long  period 
of  years,  true  production  cost. 

Under  the  market  price  or  supply-and-demand  price  system  as 
it  has  prevailed,  the  constant  tendency  is  for  the  wealthier  people, 
both  among  farmers  and  among  business  men,  to  increase  their 
wealth   at   the  expense  of  the  poorer  people.     Poor  people  who 


Cost  of  Productiox  2T 

embark  in  general  business  or  in  farming,  no  matter  how  intelli- 
gent, are  likely  to  go  into  and  come  out  of  any  particular  enter- 
prise at  just  the  wrong  time.  The  average  man  who  is  moderately 
well  fixed  and  stays  by  a  particular  enterprise  3'ear  in  and  year 
out,  manages  to  secure  for  himself  just  a  little  better  than  ordinary 
wages.  The  man  who  is  wealthy  and  expands  his  operations  just 
as  prices  are  starting  up,  and  reduces  operations  just  as  prices  are 
starting  down,  secures  large  profits. 

The  fluctuating  price  system,  which  means  great  profits  to  a 
wealthy  few,  serious  losses  and  wrecked  lives  for  a  few,  and  a  bare 
livelihood  for  many,  is  the  natural  result  of  the  loisse"  faire  policy 
of  the  old  classical  economists.  Their  idea  was  to  let  things  alone, 
on  the  theory  that,  let  alone,  prices  would  sooner  or  later  adjust 
themselves  to  the  proper  point.  In  practice,  prices  almost  never 
reach  a  proper  point,  but  are  constantly  moving  either  above  or 
below  cost  of  production.  One  hundred  years  of  laissez  faire  pol- 
icy have  demonstrated  beyond  a  doubt  that  under  such  a  system 
the  wealthy  few  inevitably  become  richer,  whereas  the  bulk  of  the 
people  get  just  enough  to  keep  them  going. 

The  laissez  faire,  supply  and  demand,  speculative,  or  market 
price  system,  is  condemned  bj^  nearly  every  one  except  the  busi- 
ness men  who  run  it  and  believe  they  understand  its  beneficent 
workings,  and  the  economists  of  the  classical  type  who,  in  their 
careful  reasoning,  are  unable  to  think  of  any  other  way  of  deter- 
mining satisfactory  prices  over  any  period  of  time.  The  common 
people  and  the  lofty  idealists  were  greatly  elated  during  1917  and 
1918  at  the  apparently  successful  working  of  fixed  prices  estab- 
lished more  or  less  in  defiance  of  the  speculative  or  laissez  faire 
price  system. 

Those  who  have  given  the  most  thought  to  price  fixing  advo- 
cate as  a  guide  "cost  of  production  plus  a  reasonable  profit." 
But  what  is  cost  of  production.'*  Even  in  industries  so  well  con- 
trolled by  man  as  coal  mining,  where  the  weather  does  not  enter  in, 
there  are  some  mines  that  can  produce  a  ton  of  coal  for  two  or  three 
dollars,  while  other  mines  can  not  produce  a  ton  of  coal  for  less 
than  six  or  seven  dollars.  The  North  Dakota  wlicit  farmer,  in  a 
year  of  rust,  may  produce  wheat  at  a  cost  of  four  or  five  dollars 
a  bushel,  whereas  the  Kansas  farmer  the  same  j'ear  may  produce 
wheat  at  a  cost  of  only  a  dollar  or  a  dollar  and  a  half  per  bushel. 
Shall  both  the  Dakota  farmer  and  the  Kansas  fanner  be  paid  cost 
of  production  plus  a  reasonable  profit  for  their  wheat?  From 
this  standpoint  we  see  that  there  is  no  such  thing  as  a  standard 
cost  of  production.     A  single  producer  may  be  able  to  determine 


28  AGKicn.TiJtAL  Prices 

liis  personal  cost  of  production  of  a  given  quantity  under  a  given 
set  of  conditions.  But  in  the  general  sense,  as  it  is  commonly 
thought  of,  cost  of  production  is  a  will-o'-the-wisp,  a  creature  that 
seems  to  exist  but  really  does  not. 

Nevertheless,  there  is  a  rough-and-ready  method  of  deternnn- 
ing  cost  of  production  or  just  price  as  distinguished  from  laissez 
faire  or  supply-and-demand  price.  We  refer  to  the  ratio  method 
of  price  determination.  Over  a  long  series  of  years,  cost  of  pro- 
duction plus  a  reasonable  profit  is  rouglily  expressed  by  the  rela- 
tionship which  exists  between  a  raw  product  and  the  finished 
product.  In  rough  form  it  may  be  most  easily  grasped  in  the  case 
of  corn  and  hogs.  Over  any  long  period  of  years,  liogs  sell  on  the 
Chicago  market  at  a  price  per  hundredweight  equal  to  the  Chicago 
price  of  11.5  bushels  of  corn.  When  hogs  have  sold  for  fourteen 
bushels  of  corn,  they  have  sold  for  more  than  cost  of  production 
plus  a  reasonable  profit,  wliile,  on  the  other  hand,  when  they  have 
sold  for  nine  bushels  of  corn,  they  have  sold  for  less  than  cost  of 
production  plus  a  reasonable  profit.  All  this  is  not  saying  that 
certain  producers  have  not  been  able  to  make  a  profit  when  hogs 
have  sold  for  nine  bushels  of  corn.  Neither  is  it  saying  that  cer- 
tain producers  may  not  have  been  selling  at  a  loss  when  hogs  sold 
for  as  much  as  fourteen  bushels  of  corn.  It  is  simply  saying  that 
it  has  required  the  pulling  power  of  a  price  for  hogs  which  is  equal 
to  the  price  of  11.5  bushels  of  corn  to  keep  enough  men  in  the  hog 
business  year  in  and  year  out  to  supply  the  demand  of  this  country 
for  hog  products  during  the  past  sixty  years.  This  is  Mliat  we 
mean  by  the  ratio  method  of  price  determination.  It  is  the  only 
practical  method  of  deternn'ning  cost  of  production  in  such  a  busi- 
ness as  farming,  v.Iiere  there  are  millions  of  producers  working  un- 
der a  variety  of  conditions. 

We  have  the  greatest  respect  for  the  old  laissez  fa'irc  or  specu- 
lative method  of  price  determination.  It  worked  very  nicely  under 
competitive  conditions,  such  as  existed  before  the  war.  No  one 
knows  as  to  whether  or  not  times  now  are  right  for  adopting  a 
different  machinery  thru  which  the  law  of  supply  and  demand  may 
work.  We  offer  the  ratio  method  as  a  method  which  is  probably 
better  adapted  to  a  thoroly  democratized  co-operatjve  society  than 
the  old-fashioned  laissez  faire  method,  which  was  adapted  primar- 
ily to  a  competitive  society. 

The  spirit  of  the  ratio  method  is  highly  technical.  The  ex- 
amples given  in  tliis  book  must  necessarily  be  simple.  But  in 
actual  practice,  the  ratio  method  would  necessarily  become  quite 
tedniical,  requiring  for  its  administration  highly  specialized  statis- 


Cost  of  Prouuctiox  29 

ticians.  At  the  present  time  vci'}'  few  men  are  available  for  work 
of  this  sort.  The  ordinary  man  who  tries  to  fix  prices  by  the 
ratio  method  is  biased  by  either  personal  or  class  interests.  A 
notable  example  of  this  was  the  Chicago  ]Milk  Commission,  com- 
posed of  leading  citizens  of  the  state  of  Illinois,  which  sat  from 
December,  1917,  to  February,  1918,  and  finall}-  offered  as  a  meth- 
od of  milk  price  determination  the  ratio  method.  The  majority 
of  the  members  of  this  ]Milk  Commission  were  city  people,  and  on 
that  account,  consciously  or  unconsciously,  they  twisted  the  ratio 
method  so  as  to  bring  about  a  low  price  for  milk.  If  the  majority 
of  the  coimnission  had  been  farmers,  they  could  have  twisted  the 
ratio  method  to  bring  about  a  much  higher  price  for  milk.  But 
there  are  now,  and  in  the  future  will  be  more,  men  properly  trained 
in  the  weighting  of  agricultural  index  numbers,  who  can  look  into 
matters  of  this  sort  with  a  scientific  nicety  and  determine  prices 
b}'  the  ratio  method  with  the  greatest  accuracy,  b}^  which  we  mean 
the  minimum  of  bias  toward  either  producer  or  consumer. 

It  is  our  intention  in  this  book  to  indicate  waj's  of  securing 
ratio  prices  for  various  agricultural  products.  The  methods  out- 
lined in  succeeding  chapters  are  definite  and  exact;  we  grant,  how- 
ever, that  they  may  be  made  more  comprehensive  and  be  further 
refined  so  as  to  cover  their  respective  fields  in  more  effective 
fashion. 


RATIO  METHOD  OF  DETERMINING  COST 
OF  PRODUCING  HOGS 

THE  ratio  method  of  pi'ice  determination  was  first  publicly 
recognized  in  the  United  States  by  the  Food  Administration, 
in  November  of  1917.  A  commission  of  seven  swine  men  had  been 
appointed  by  the  Food  Administration  to  determine  the  cost  of 
producing  hogs,  and  in  submitting  their  report  the  commission 
adopted  practically  without  change  the  ratio  method  of  price  de- 
termination as  advocated  in  Wallaces'  Farmer  during  the  summer 
and  fall  of  1917.  The  commission,  composed  of  expert  swine  men 
from  all  over  the  United  States,  after  a  careful  technical  survey 
of  the  situation  and  consideration  of  the  figures  submitted  by  the 
author,  came  to  the  conclusion  that  the  ratio  method  actually 
expressed  cost  of  production  more  simply  and  accurately  than  any 
other  method. 

In  its  simplest  form,  the  hog  producer  of  fifty  j^ears  ago 
grasped  the  ratio  idea.  Without  any  statistical  investigation, 
the  swine  growers  of  those  days  came  to  the  conclusion  that  they 
could  make  money  when  they  sold  their  hogs  for  a  value  per  hun- 
dredweight of  more  than  the  value  of  ten  bushels  of  corn.  For  a 
generation  or  two,  hog  men  looked  on  a  ratio  of  ten  bushels  of  corn 
to  one  hundred  pounds  of  hog  flesh  as  about  right,  altho  they  felt 
that  such  a  ratio  might  not  cover  risk. 

From  an  exact  statistical  standpoint,  take  the  ten-year  period 
extending  from  1907  to  1916,  inclusive.  During  that  time  No.  2 
Chicago  corn  averaged  66.3  cents  a  bushel,  whereas  hogs  averaged 
$7.53  per  hundredweight.  The  ratio  for  that  particular  ten-year 
period  was  11.4  bushels  of  Chicago  No.  2  corn  to  equal  in  value 
one  hundred  pounds  of  Chicago  hog  flesh.  How  uniform  is  this 
ratio  between  corn  and  hogs  from  decade  to  decade  may  be  judged 
from  the  following  table,  which  gives  the  ratios  as  they  have  pre- 
vailed year  by  year  for  the  past  sixty  years,  and  the  average 
by  decades.  The  second  column  shows  the  number  of  bushels  of 
corn  required  each  year  to  equal  in  value  one  hundred  pounds  of 
live  hog: 


1858... 

1858-1867. 

.  ...  8.7 
.  ...  7.1 
....124 

ISGS. . . 

1858-1877. 

9.5 

1859... 

18(59.  .  . 

.   14  0 

1860. . . 

1870. . 

11  9 

1861... 

14.0 

1871... 
1872. . . 

10  2 

1S62... 

10.0 

.  .  .  .11.1 

1863... 

.  ...  7.0 

1873... 

....12.3 

Ratio  INIf.tiiod  of  Determixixg  Cost  of  Producing  Hogs  31 

1864 7.3  1874 8.9 

1865 16.3  1875 11.8 

1866 16.2  1876 15.3 

1867 7.2  1877 11.5 

Ten-year   average 10.6  Ten-year   average 11.7 

1878-1887.  1888-1897. 

1878 9.7  1888 12.3 

1S79 10.3  1889 12.5 

1880 12.3  1890 9.9 

1881 12.1  1891 7.4 

1882 10.9  1892 11.8 

1883 11.3  1893 16.5 

1884 10.5  1894 11.6 

1885 9.7  1895 10.8 

1886 11.1  1896 10.7 

1887 12.4  1897 14.2 

Ten-year   average 11.0  Ten-year   average 11.8 

1898-1907.  1908-1917. 

1898 11.6  1908 8.4 

1899 12.0  1909 11.3 

1900 13.2  1910 15.2 

1901 11.8  1911 11.2 

1902 11.6  1912 10.9 

1903 13.0  1913 13.2 

1904 10.2  1914 11.7 

1905 10.4  1915 9.6 

1906 13.4  1916 11.5 

1907 '. 11.4  1917 9.7 

Ten-year   average 12.2  Ten-year   average 11.3 

To  refine  the  method  to  meet  market  conditions,  we  need  to 
know  the  ratio  between  corn  and  hogs  at  different  seasons  of  tlie 
year.  There  are  seasonal  periods  of  over-supply  and  scarcity  of 
both  corn  and  hogs.  In  November,  for  instance,  the  190T-1916 
price  of  corn  was  67.2  cents  and  the  price  of  hogs  .$7.23,  or  a  ratio 
of  10.6  bushels  to  one  hundred  pounds  of  hog  flesh,  while  in  March 
of  the  ten-3'ear  period  the  average  price  of  corn  was  61.7  cents 
and  the  price  of  liogs  $7.66,  or  a  ratio  of  12.4  bushels  of  corn  for 
one  hundred  pounds  of  hog  flesh.  In  like  manner,  there  is  a  fairly 
normal  ratio  for  each  month  of  the  year  and  for  each  week  of  the 
year.  All  this  is  on  the  assumption  that  hogs  are  simply  con- 
densed corn.  It  docs  not  take  into  account  the  fact  that  hogs  have 
been  made  out  of  corn  at  varying  values  during  a  period  of  about 
a  year  preceding  time  of  marketing.  Obviously,  then,  we  must 
have  a  composite  corn  value.  In  matters  of  this  sort,  statisticians 
know  that  it  is  absolutely  impossible  to  weight  matters  so  as  to 
represent  actual  conditions,  but  at  tlie  same  time  the)'  know  that 
absolute  accuracy  is  not  at  all  essential,  that  in  fact  a  difference  in 
wcigliting  will  ordinarily  make  very  little  difference  in  results. 


3g 


AGRICTLTUKAr,    I'kICKS 


Wliile  the  autlior  personall}'  rcconnncnded  to  the  commission 
appointed  by  the  Food  Administration  to  investigate  cost  of  pro- 
ducing hogs,  a  slightly  different  weighting,  yd  nevertheless  we 
will  use  here  the  weighting  recommended  by  that  committee.  The 
committee  assumed  that  the  corn  going  into  the  making  of  a  hog 
was  distributed  over  twelve  months ;  that  during  the  first  month 
2  per  cent  of  this  corn  went  into  the  hog  or  its  dam ;  the  second 
month,  2  per  cent ;  third  month,  2  per  cent ;  four  month,  3  per  cent ; 
fifth  month,  4>  per  cent;  six  month,  6  per  cent;  seventh  month, 
5  per  cent ;  eighth  month,  9  per  cent ;  ninth  month,  15  per  cent ;  tenth 
month,  20  per  cent ;  eleventh  month,  IT  per  cent,  and  twelfth  month, 


1907 

1908 

1909 

1919 

1911 

1912 

1315 

1914 

1915 

1316 

1917 

1918 

1912 

1920 

6  3^ 

Gam  F 

r  Cwt 

1 

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.  . 

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1 

i 

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1 

Illustrating  the  cleparliiro   of  actual  Cliicaso  hog  ijrices  from  the  ten-year  stan- 
dard   ratio,    corrected    seasonally. 

15  per  cent.  Securing  composite  corn  values  by  this  kind  of 
weighting,  we  find  that  as  an  average  of  the  ten-year  period,  1907- 
191f),  the  Januar}'  ratio  was  11  bushels;  February,  11.6  bushels; 
March,  12.4  bushels  ;  April,  12.7  bushels ;  May,  12.8  bushels  ;  June, 
12.1  bushels;  July,  12  bushels;  August,  11.8  bushels;  September, 
11.8  bushels;  October,  11. 8  bushels;  November,  10.6  bushels,  and 
December,  10.4  bushels. 

For  sake  of  example,  determine  cost  of  producing  liogs  for  the 
Chicago  market  for  the  month  of  April,  1918.  Corn  values  month 
b}'  month,  beginning  April.  1917,  were  as  follows:     144.9  cents, 


Ratio  Mkl-hod  of  Detkumixixg  Cost  Oj?-  Producixg  Hogs  33 

163.9  cents,  170.7  cents,  200  cents,  197.2  cents,  208.6  cents,  199.2 
cents,  201  cents,  173.2  cents,  180.6  cents,  174.5  cents,  and  172.3 
cents.  Weighting  these  on  the  basis  indicated,  we  get  a  composite 
value  of  corn  of  182.5  cents. 

The  historical  ratio  for  the  month  of  April  is  12.7  bushels  of 
such  composite  corn.  Multiply  182.5  cents  by  12.7,  and  we  secure 
$23.18  as  the  cost  of  producing  hogs  for  the  Chicago  market  in 
April  of  1918,  under  the  ten-year  ratio  method.  The  actual  price 
was  $17.45,  or  a  loss  of  $5.73  per  hundredweight.  The  chart 
which  is  published  herewith  illustrates  graphically  results  secured 
in  the  same  manner  for  every  month  during  the  ten-year  period 
beginning  1907. 

Ordinarily,  Chicago  No.  2  corn  measures  very  accurately  the 
changes  in  corn  value  on  the  farm,  the  corn  out  of  which  hogs  are 
actually  made.  During  part  of  the  winter  of  1917—1918,  Chicago 
No.  2  corn  ceased  to  be  quite  such  an  accurate  measure  as  usual, 
for  the  reason  that  the  quality  of  the  crop  was  so  poor  that  only  a 
small  amount  of  corn  graded  No.  2,  and  for  the  further  reason  that 
there  were  severe  transportation  difficulties. 

Some  people  have  urged  not  using  Chicago  No.  2  corn  values, 
but  corn  values  on  farms  as  reported  to  the  United  States  Depart- 
ment of  Agriculture,  monthly,  by  crop  reporters.  This  price  is 
no  doubt  compiled  with  considerable  accuracy,  but  is  open  to  ob- 
jection for  the  reason  that  it  does  not  represent  a  uniform  grade. 
In  soft  corn  years,  a  bushel  of  corn  as  valued  by  crop  reporters 
on  farms  is  poor  stuff.  In  such  years,  there  is  always  a  wider 
spread  between  the  farm  value  of  corn  and  the  Chicago  No.  2  value 
than  in  years  wlicn  the  quality  is  good.  It  might  do  fairly  well 
to  take  farm  values  of  corn  and  farm  values  of  hogs  if  definite 
grades  could  be  established.  If  they  can  not  be,  it  is  probably  best 
to  take  Chicago  values  of  No.  2  corn  and  heavy  hogs  as  a  basis, 
making  allowance  occasionally  when  exceptional  conditions  arise 
in  the  way  of  artificial  prices  temporarily  created  by  transporta- 
tion difficulties,  and  remembering  always  that  the  true  point  at 
issue  is  to  apply  a  ratio  between  certain  grades  of  actual  feed  on 
the  one  hand  and  a  certain  grade  of  hogs  on  the  other.  This  is  a 
technical  matter  which  really  can  not  be  decided  by  law^^ers  or 
business  men,  however  competent  such  men  may  be  to  run  a  food 
.idministration  or  a  department  of  agriculture,  or  by  farmers, 
however  competent  such  men  may  be  to  feed  hogs.  It  is  a  matter 
which  must  be  handled  by  men  who  understand  markets  and  who 
have  had  sufficient  economic  training  so  that  they  understand  a 
little  something  of  tlie  making  of  Index  numbers,   and  wlio  have 


f3-i  AGiucrLTUKAr,  Prices 

had  sufficient  toucli  with  ugricultural  conditions  so  that  thoy  un- 
derstand a  Httlc  something  of  the  technique  of  feeding  hogs. 

Soon  after  the  report  of  the  commission  on  cost  of  producing 
liogs,  the  Food  Administration  announced  anunig  other  things  that 
it  would  do  its  best  to  pay  liog  producers,  for  a  hundred  pounds 
of  hog  flesh,  the  equivalent  of  thirteen  bushels  of  the  corn  which 
went  into  these  hogs,  the  ratio  s^'stem  to  apply  to  hogs  farrowed 
in  the  spring  of  1918.  It  was  expected  that  there  would  be  an 
urgent  need  for  hog  products  during  1919,  and  it  has  generally 
been  regarded  that  this  announcement  of" the  Food  Administration 
was  wise.  I'he  thirteen-bushel  ratio  was  13  per  cent  over  the 
historic  ratio,  and  encouraged  the  transforming  of  a  larger  amount 
of  corn  into  hogs  than  usual. 

When  it  came  to  putting  the  thirteen-bushel  ratio  into  effect, 
in  the  fall  and  winter  of  1918-1919,  the  Food  Administration  did 
all  in  its  power  to  squirm  out  of  living  up  to  its  guarantee.  First, 
the  effort  was  made,  in  the  month  of  September,  1918,  to  make  it 
appear  that  the  thirteen-bushel  ratio  was  based  on  a  ratio  between 
farm  corn  prices  and  Chicago  hog  prices,  in  spite  of  the  fact  that 
the  pamphlets  originally  issued  by  the  Food  Administration  to 
farmers  of  the  corn  belt  in  November  of  1917  explained  the  ratio 
on  a  basis  of  Chicago  corn  prices  and  Ciiicago  hog  prices.  By 
using  farm  corn  prices,  the  Food  Administration  secured  a  figure 
of  about  $2.50  per  hundredweight  lower  than  if  the  thirteen-bushel 
ratio  had  been  applied  literally  as  described  in  the  original  pam- 
plilcts.  The  Food  Administration,  however,  claimed  that  it  could 
not  live  up  to  its  original  guarantee,  because  the  export  prices  of 
]K)rk  wcHild  not  justify  it.  In  this  respect,  it  is  Interesting  to  note 
that  in  xVugust  of  1918,  just  before  the  Food  Administration  took 
up  this  matter  of  carrying  out  its  thirteen-bushel  guarantee.  Great 
Britain  reduced  its  maximum  price  on  American  bacon  by  about 
$12  per  hundredweight.  It  is  also  interesting  to  note  that  the 
British  Food  Administration  was  making  money  on  its  handling  of 
pork  products,  altho  it  was  losing  money  on  its  wheat.  Those 
American  producers  who  were  most  familiar  with  the  situation  be- 
lieved that  there  was  a  concerted  effort  by  tlie  American  and  Brit- 
ish food  administrations  to  buy  the  large  American  hog  crop,  wliicli 
had  been  secured  by  tiie  thirteen-bushel  guarantee,  as  cheaply  as 
possible,  avoiding  its  guarantee  with  such  chicanery  and  deceit  as 
an  experienced  business  man  knows  liow  to  use  in  case  of  emer- 
gency. 

The  committee  of  some  fifteen  men,  supposedly  rej^resenting 
the  American   hog  producers,  which  met  with  the  United   States 


Ratio  Metiioi*  of  Dktkumixixg  Cost  ov  Producixg  Hogs  35 

Food  Administration  in  this  matter,  were  not  well  educated  along 
statistical  or  economic  lines,  and  they  went  down  to  d^ifeat  in  Sep- 
tember, 1918,  scarcely  realizing  just  what  the  Food  Administra- 
tion had  done  to  them.  Only  two  members  of  this  committee  had 
served  on  the  original  commission,  and  it  was  impossible  for  them 
to  give  the  other  members  a  full  comprehension  of  what  the  ratio 
meant.  ^Vhen  the  facts  became  known,  widespread  indignation 
among  the  farmers  of  the  corn  belt  compelled  the  Food  Administra- 
tion to  abandon  the  hypocritical  pretense  of  living  up  to  the  thir- 
tcen-bushel  ratio  and  come  out  flatly  for  a  $17.50  minimum,  which 
was  really  a  ratio  of  10.8  bushels.  The  Food  Administration  was 
able  to  thus  )-epudiate  in  part  its  definite  obligation  to  hog  pro- 
ducers, because  there  were  no  thoroly  organized  farmers  with  lead- 
ers trained  to  think  in  terms  of  statistics  and  economics. 

The  author  does  not  care  to  create  a  prejudice  against  the 
Food  Administration.  It  probably  did  its  work  as  efficiently  as 
any  branch  of  the  government  during  the  war.  The  sole  purpose 
is  to  point  out  to  agricultural  students  the  extreme  disadvantage 
under  which  farmers  labor  in  bargaining  with  other  classes  of 
society.  It  is  hoped  that  as  farmers  learn  to  follow  the  example  of 
keen  business  men  and  employ  trained  experts  to  look  after  their 
interests,  and  as  farm  leaders  become  better  trained  in  statistics, 
economics  and  business  principles,  this  disadvantage  will  disappear. 


SUPPLY  AND  DEMAND  VERSUS  COST  OF 
PRODUCTION 

WHAT  makes  hour-by-liour  and  daj^-bj'-day  prices  under 
laissez  faire  conditions  is  not  cost  of  production,  but  that 
brute  force  which  ■\ve  call  "supply  and  demand."  In  its  blind 
groping,  this  force  necessarily  approximates  cost  of  production  as 
an  average  of  any  long  period  of  time.  But  it  ncA'er  specifically 
recognizes  cost  of  production  as  a  factor  which  should  be  con- 
sidered. It  approximates  cost  of  production  because  it  has  to, 
not  because  it  wants  to. 

An  illustration  of  the  strategy  of  the  hog  market  is  a  case  in 
point.  Imagine  a  Monday  hog  market  in  early  March,  at  which 
season  of  the  year  prices  arc  generall}'  rising.  Suppose  that  in- 
stead of  the  accustomed  40,000  JMonda}-  hog  run,  60,000  have  been 
received.  Suppose  that,  owing  to  car  shortage  or  some  other 
reason,  eastern  shippers  are  out  of  the  market.  There  is  a  larger 
supply  than  usual  and  a  smaller  demand,  and  prices  decline  15  or 
20  cents  a  hundredweight,  perhaps  very  much  more.  "Supply  and 
demand,"  say  the  packers  and  practical  economists,  with  unction. 
But  at  that  ver}'  time  every  one  may  know  that  the  potential  supply 
in  the  country  is  very  small,  and  the  potential  demand  is  very 
great.  At  that  very  time  this  wider  situation  may  be  taken  fully 
into  account  by  the  packers  in  the  prices  which  they  are  charging 
for  their  products  to  the  retailers.  The  hog  market  ma}'  have 
broken  l^  to  20  cents,  but  the  lard,  ham  and  bacon  markets  may 
have  held  steady  or  even  advanced. 

The  packers,  in  the  prices  which  the}'  pay  for  live  hogs  and  the 
prices  which  they  charge  for  hog  products,  are  governed  chiefly 
by  strategic  considerations.  Day  by  day  they  change  their  prices 
to  meet  the  surface  indications  of  changing  supply  and  demand 
conditions.  They  may  sometimes  exercise  such  poor  strategy  that 
they  will  be  compelled  to  manufacture  hog  products  at  a  loss  for  a 
time.  The  prime  consideration  is  to  buy  as  cheaply  as  possible 
and  to  sell  as  high  as  possible  and  yet  meet  the  competition,  which 
is  rather  more  active  than  many  farmers  have  supposed. 

Now  it  is  obvious  that  a  ratio  system  of  hog  prices  is  not  com- 
patible with  the  system  employed  by  the  packers,  or  by  any  typical 
business  man,  for  that  matter.  Big  business  enjoys  a  speculative 
profit  which  comes  with  fluctuating  prices.  But  a  daily  fluctuat- 
ing price  is  not  consistent  with  the  idea  of  a  just  price  or  a  cost-of- 


Supply  axd  Dkmaxd  vs.  Cost  of  Projjuctiox  37 

production  price.  If  the  packing  business  were  a  monopoly  under 
government  control,  stabilized  prices  under  the  ratio  system  might 
be  paid  with  some  degree  of  satisfaction,  provided  we  assume  that 
the  governmental  authorities  have  a  real  insight  into  market  con- 
ditions and  a  thoro  understanding  of  the  ratio  system  of  price 
judgment  as  related  to  supply  and  demand.  Under  the  present  re- 
gime, however,  it  is  difficult  to  see  much  prospect  of  hog  prices 
ever  being  stabilized,  for  the  reason  that  under  a  laissez  faire  sys- 
tem business  profits  result  from  fluctuating  prices,  those  businesses 
profiting  most  which  are  best  organized  and  most  long-lived,  and 
are  able  to  take  strategic  positions  over  long  periods  of  time. 

What  would  happen  if  cost  of  production  were  to  be  paid  in  the 
hog  market  day  by  day,  year  in  and  year  out?  By  cost  of  pro- 
duction is  meant  the  11.5-bushel  ratio,  modified  seasonally.  Pack- 
ers can  think  of  many  objections.  For  instance,  they  can  conceive 
of  periods  of  a  year  or  two  at  a  time  when  the  11.5-bushel  ratio 
would  necessitate  paying  the  farmers  more  for  their  hogs  than  they 
could  get  for  the  meat.  Equally,  they  can  see  how  it  might  be 
that  for  periods  of  a  3'ear  or  two  at  a  time,  the}'  would  be  able  to 
get  out  of  the  consumers  a  price  equivalent  to  considerably  more 
than  the  11.5-bushel  ratio.  Admittedly,  these  objections  are  sound 
under  present  conditions ;  supply-and-demand  price  is  the  only 
price  adapted  to  the  laissez  faire  situation. 

If  farmers  as  a  class  are  to  secure  cost  of  production  for  their 
hogs  month  after  month  and  year  after  year,  the}'  must  organize 
into  powerful  associations  to  do  business  co-operatively.  They 
must  control  the  supply  of  hogs  with  an  iron  hand  and  an  intelli- 
gent head.  They  must  be  willing  to  play  fair  with  the  consumers 
and  not  charge  more  for  their  hogs  than  the  ratio  of  the  past 
sixty  years.  In  fact,  it  is  conceivable  that  they  might  be  able  to 
sell  their  hogs  at  slightly  less  than  the  11.5-bushel  ratio  of  the  past 
sixty  years.  If  the  organization  was  really  powerful  enough  to 
enforce  the  cost-of-production  ratio  over  any  period  of  time,  the 
market  risk,  which  has  been  a  very  serious  factor  in  the  past,  would 
disappear.  This  risk  has  been  such  a  factor  that  it  is  quite  pos- 
sible that  farmers  would  be  willing  to  produce  enough  hogs  to  sat- 
isfy the  market  at  an  eleven-bushel  ratio  if  the  risk  no  longer  ex- 
isted. The  author  estimates  that  as  an  average  of  the  past  sixty 
years  the  consuming  public  has  been  paying  at  least  50  cents  per 
liundrcdweiglit  more  than  necessary  for  its  hog  products.  This 
extra  50  cents  has  been  in  the  nature  of  risk  insurance. 

It  is  conceivable  that  both  farmer  producers  and  city  consumers 
might  organize  to  carry  this  risk  between  them,  the  citv  consumer 


33  Agricflturai.  Pricks 

co-operative  organizations  agreeing  in  advance  to  take  a  certain 
number  of  pounds  of  hog  products,  and  the  farmer  producmg  or- 
ganizations  agreeing  to  furnish  such  a  quantity  of  hog  products 
the  basis  of  a  corn-hog  ratio  representing  cost  of  production. 


on 


CATTLE  PRICES  AND  THE  RATIO 
METHOD 

A  RATIO  between  corn  and  cattle  does  not  represent  cost  of 
production  nearly  as  accurately  as  a  ratio  between  corn  and 
hogs.  However,  such  a  ratio,  when  worked  out  and  applied  over 
a  long  period  of  years,  reveals  the  interesting  historical  fact  that 
the  swings  in  cattle  prices  above  and  below  the  ratio  line  are  periods 
of  about  seven  years  each  way. 

A  more  accurate  method  is  to  take  into  account  the  fact  that 
fat  cattle  as  produced  in  the  corn  belt  and  marketed  at  Chicago 
are  commonly  made  out  of  feeders  which  were  bought  a  few  months 
previously,  taken  to  the  farm,  and  finished  chiefly  on  corn,  together 
with  a  little  in  the  way  of  pasture,  hay,  silage  and  concentrated 
feeds,  such  as  cottonseed  meal  and  oil  meal. 

As  an  average  of  the  ten-year  period,  1906-1915,  ordinary 
1,000-pound  feeders  on  Chicago,  in  October,  cost  $51.20.  As  an 
average  of  the  ten-year  period,  these  same  1,000-pound  feeders,  as 
ordinar}-,  well-finished  fat  steers  weighing  1,300  povnids  each,  sold 
the  following  April  for  $98.35.  During  this  ten-year  period  it 
seemed  to  take  $4-7.15  to  cover  the  cost  of  feed,  risk,  labor,  etc., 
of  bringing  a  1,000-pcund  feeder  to  l,SOO-pound  fat  condition. 
Ordinarily,  it  is  substantially  accurate  to  measure  these  things 
in  terms  of  corn  only.  During  the  tcn-3^ear  period  under  consid- 
eration, the  weighted  price  of  corn  was  61.5  cents.  Dividing 
$47.15  by  61.5  cents  equals  76.7  bushels.  As  an  average  of  the 
ten-year  period  it  has  required  the  value  of  76.7  bushels  of  weighted 
corn  to  make  a  1,000-pound  feeder,  bought  in  October,  moderately 
fat  for  the  Chicago  market  the  following  April.  The  com  is 
weighted  on  the  theory  that  the  steers  consume  8  per  cent  of  it  the 
month  after  they  arc  bought,  15  per  cent  the  second  month,  20  per 
cent  the  third  month,  20  per  cent  the  fourth,  20  per  cent  the  fifth, 
and  17  per  cent  the  last  month.  Applying  the  ten-year  ratio  to 
the  specific  month  of  April,  1918,  we  find  that  a  1,000-pound 
feeder  in  October,  1917,  cost  $84-,  and  the  value  of  76.7  bushels  of 
composite  corn  was  $139.40,  making  a  total  cost  of  the  finished 
1,300-pound  steer,  $223.40.  The  actual  selling  price  in  the  month 
of  April,  1918,  was  $199.55,  or  a  loss  of  about  $23.85  per  steer. 
Applying  the  same  method  month  by  month,  we  get  the  chart  as 
herewith  published.  It  expresses  profits  and  losses  with  a  fair 
degree  of  accuracy  to  the  ordinary  cattleman  who  buys   feeders 


40 


AGiaCULTURAi,    PrICES 


at  the  central  market  and  feeds  them  for  five  to  seven  months, 
largely  on  corn.  During  the  winter  of  1917-1918,  the  chart  was 
not  quite  so  accurate  as  usual,  for  the  reason  that  the  other  ex- 


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Illustrating  the  departure  of  prices  of  1,300-pound  native  steers  at  Chicago  from 

the  ten-year  ratio. 

penses  did  not  mount  at  this  time  as  rapidly  as  corn.  While  heavy 
losses  were  incurred  by  cattle  feeders,  they  were  not  so  great  as 
indicated  in  the  chart. 

The  profits  and  losses  of  the  big  cattlemen  of  the  far-western 
and  southwestern  states  are  not  to  be  measured  by  such  a  chart. 
Their  chief  expenses  are  labor  and  the  cost  of  pasture.  Weather 
conditions  affect  them  directly,  whereas  weather  conditions  in  the 
corn  belt  affect  cattle  profits  indirectly,  thru  the  price  of  corn. 
During  1917  and  1918,  the  western  cattle  men,  with  the  exception 
possibly  of  those  in  certain  sections  of  the  southwest,  which  suf- 
fered from  unprocedcntod  drouth  in  1917,  made  unusually  good 
profits.  As  a  class,  their  profits  were  probably  not  as  large  as 
the  profits  of  the  grain-growing  farmers  of  the  middle-west,  but 
were  far  larger  than  the  profits  of  the  cattle-feeders  of  the  middle- 
west. 


PACKER  PRICES  AND  THE  RATIO 
METHOD 

THE  Chicago  packers  buy  hogs  as  cheaply  as  they  can  and  sell 
the  pork  as  high  as  they  can.  Nevertheless,  for  months  at 
a  time  they  may  sell  pork  products  at  a  loss.  Over  any  long 
period  of  time  there  is  a  fairly  constant  ratio  between  the  value  of 
one  hundred  pounds  of  live  hog  flesh  and  one  hundred  pounds  of 
lard,  ribs  or  other  standard  hog  products.  To  simplify  matters, 
and  for  purposes  of  illustration,  we  will  consider  that  standard 
hog  product,  dry  salt  ribs,  which  makes  up  about  35  per  cent  of 
the  live  hog. 

As  an  average  of  the  ten  years  from  1886  to  1895,  dry  salt 
ribs  (low-grade  bacon)  sold  for  the  value  of  136  pounds  of  live 
hog.  During  the  ten-year  period  from  1896  to  1905,  ribs  sold 
for  the  value  of  137  pounds  of  live  hog.  During  the  ten-j'ear 
period  from  1906  to  1915,  they  sold  for  the  value  of  135  pounds 
of  live  hog.  But  while  this  ratio  is  quite  constant  over  any  long 
period  of  time,  it  varies  considerably  according  to  the  season  of  the 
year.  As  an  average  of  the  ten-year  period  of  190T-1916,  the 
ratio  was  136  pounds  in  January,  132  pounds  in  February,  127 
pounds  in  IMnrcli,  126  pounds  in  April,  133  pounds  in  May,  137 
pounds  in  June,  137  pounds  in  July,  137  pounds  in  August,  135 
pounds  in  September,  136  pounds  in  October,  140  pounds  in  No- 
vember, and  139  pounds  in  December.  In  April  of  1918,  hogs 
averaged  about  .$17.45  per  hundredweight.  losing  the  standard 
ratio  for  the  month  of  April,  of  126  pounds  of  live  hog  for  one 
hundred  pounds  of  ribs,  we  would  get  as  the  hog  price  of  ribs 
$21.97.  Tlie  actual  price  was  about  .$23.21,  or  the  packers  got 
for  the  dry  salt  ribs  in  the  month  of  April,  1918,  about  $1.24  more 
than  the  customary  ratio.  Tlie  chart  tolls  the  story,  extending 
from  1905  to  1919.  The  black  area  above  the  line  might  be  called 
packers'  profits  and  the  black  area  below  the  line  packers'  losses 
on  the  manufacture  of  ribs.  As  a  matter  of  fact,  the  packers' 
profits  in  the  latter  part  of  1917  and  early  in  1918  were  probably 
larger  than  indicated.  This  method  assumes  that  the  packers' 
manufacturing  charges  rise  and  fall  in  the  same  ratio  as  hog  prices 
rise  and  fall.  In  the  rough  way,  over  any  long  period  of  time, 
this  is  approximately  true,  but  it  was  probably  not  true  in  late 
1917.      Hcg  prices  at  that  time  were  over  200  per  cent  of  the  ten- 


42 


AcUlCl'LTrKAL    PlUCES 


year  period,  whereas  packers'  manufacturing  costs  were  probably 
not  in  excess  of  170  per  cent  of  the  ten-year  period. 

It  is  conceivable  that  as  the  packing  business  becomes  even 
more  centralized  and  further  improvements  in  the  use  of  b^'-prod- 
ucts  are  discovered,  it  may  be  possible  for  packers  to  sell  short- 
ribs,  as  an  average  of  a  ten-year  period,  for  a  price  no  more  than 
the  cost  to  them  of  133  pounds  of  hog  flesh.  Under  conditions  as 
they  prevail  at  present,  however,  the  135-pound  ratio  is  approxi- 
mately correct. 

The  ratio  method  of  determining  profits  and  losses  in  the  man- 
ufacture of  various  packers'  products  is  not  put  forward  as  an  aid 
in  any  metliod  of  packing  house  accounting.  It  is,  however,  put 
forward  as  a  method  by  which  the  consumer  and  the  farmer  can 


PacKers'   Profit  and   Loss  Areas  on  f-lfg    y    Hogs   into  Ribs 

1105 1'^oe  1^07 1108 1101  111 Q  nil  111 z  iVi5'i4iTni5"ni6  niyi'iis.HH 


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Illustrating   when    short-rib    sides    have    been    above    and    below    their    ten-year 
average  ratio  to  live  hog  prices. 

discover  in  a  rough  way  when  the  packers  are  absorbing  more  than 
their  customary  share. 

A  similar  chart  worked  out  for  lard  gives  much  the  same  re- 
sults, altho  at  times  the  profit  and  loss  of  the  two  products  do  not 
always  coincide  exactly.  For  instance,  in  1914,  lard  sold  for  far 
less  than  its  normal  ratio  during  the  entire  year,  whereas  ribs  sold 
for  slightly  more  than  their  normal  ratio.  In  1919,  lard  sold  far 
above  its  normal  ratio  and  ribs  were  below.  Similar  ratios  might 
be  worked  out  for  all  the  various  hog  meats,  and  also  for  cattle  and 
the  various  cuts  of  beef.  What  examination  we  have  made  of  some 
of  these  ratios  indicates  that  the  packers,  in  their  buying  of  live 
stock  and  selling  of  products,  regard  each  product  as  a  law  unto 
itself.  If  there  Is  a  large  amount  of  stored  lard  on  the  market, 
on  account  of  the  shutting  off  of  the  German  demand,  lard  prices 
may  be  reduced,  even  tlio  hog  prices  are  such  as  to  warrant  lard 
selling  at  a  dollar  or  two  more  per  hundredweight.  On  the  other 
hand,  if  the  Allies  at  the  same  time  are  in  the  market  for  ribs,  the 
prices  will  be  advanced,  even  tho  ribs  may  l)e  made  from  hogs  at 
a  dollar  or  two  less  per  hundredweight.  The  problem  of  the  pack- 
ers is  to  buy  as  cheaply  as  possible  and  sell  as  high  as  possible,  in 
the  knowledge  that  too  wide  a  spread  will  Invite  competition.      In 


Packer  Pricks  and  the  Ratio  ^Method  43 

the  case  of  liog  products,  a  loss  may  be  withstood  on  a  rapidly  ris- 
ing market,  because  the  manufacturing  loss  will  be  compensated 
for  by  the  speculative  profit.  This  was  illustrated  during  a  con- 
siderable part  of  the  year  1917,  when  most  hog  products  sold  at 
considerably  less  than  their  normal  ratio,  but  when  the  packers 
actually  made  splendid  profits,  owing  to  the  continual  advance  of 
prices  and  speculative  gain  on  products  on  hand. 

In  normal  times  we  regard  charts  based  on  principles  as  stated 
in  this  chapter  as  approximately  accurate  in  measuring  packers' 
profits  and  losses  in  the  manufacture  of  given  products. 

It  is  conceivable  that  the  normal  lard  ratios  may  go  lower  in 
the  near  future.  Corn  oil,  cocoanut  oil,  cottonseed  oil  and  other 
tropical  vegetable  fats  are  being  used  as  lard  substitutes,  and  as 
a  result  lard  may  sell  decidedly  below  its  normal  pre-war  ratio  to 
hogs.  However,  in  this  case  the  bacon  hog  will  gain  in  popularity 
and  the  supply  of  lard  will  be  curtailed  to  a  point  Avhich  will  justify 
a  ratio  almost  as  great  as  existed  before  the  war. 


MILK  PRICE  DETERMINATION 

JUST  what  price  farmers  should  get  for  tlicir  milk  has  been  a 
peculiarly  vexing  question.  Before  the  war,  farmers  selling 
milk  to  city  dealers  were  in  an  vniusually  weak  bargaining  position. 
When  their  position  became  intolerable,  they  organized  into  pow- 
erful bargaining  associations,  many  of  which  were  said  to  be  illegal 
under  strict  interpretation  of  the  law. 

One  of  the  earliest  formed  and  most  powerful  of  these  produc- 
ers' associations  has  been  the  Chicago  j\Iilk  Producers'  Association, 
numbering  16,000  members  and  controlling  most  of  the  milk  that 
is  shipped  into  Chicago  or  manufactured  in  the  district  immedi- 
ately around  Chicago.  During  the  years  immediately  preceding 
the  entry  of  the  United  States  into  the  great  war,  this  association 
bargained  directly  with  the  Chicago  milk  dealers  as  to  what  prices 
the  farmer  members  of  the  association  could  get  for  their  milk. 
They  held  a  successful  strike  in  April  of  1916,  and  thereafter  the 
Chicago  milk  dealers  seemed  to  regard  the  association  with  con- 
siderable respect.  The  city  press  and  the  city  politicians,  how- 
ever, felt  that  the  farmers  were  too  high-handed  in  their  disregard 
of  certain  laws,  and  forthwith  began  agitation  Avhich  finally  re- 
sulted in  indictments  against  the  leaders  in  the  Producers'  Asso- 
ciation. 

In  the  fall  of  1917,  the  milk  producers  adopted  as  their  guide 
in  arriving  at  milk  prices  what  has  been  called  Pearson's  formula. 
According  to  this  fornuila,  the  cost  of  producing  a  hundred  pounds 
of  milk  in  the  Chicago  milk  district  is  equal  to  the  cost  of  -i-l  pounds 
of  grain,  plus  188  pounds  of  silage,  plus  50  pounds  of  hay,  plus  39 
pounds  of  bedding,  plus  2.42  man  hours  of  labor.  To  the  valua- 
tion thus  secured,  certain  differentials  were  to  be  applied  to  each 
month  of  the  year,  the  widest  differential  being  120.3  per  cent,  in 
December,  and  the  narrowest  70.6  per  cent,  in  June.  This  for- 
nmla  was  devised  by  Professor  F.  A.  Pearson,  of  the  Dairy  Eco- 
nomics Division  of  the  University  of  Illinois,  after  several  years  of 
actual  cost  accounting  work  in  the  Chicago  milk  district.  It  really 
represents  actual  cost  of  production  on  a  large  number  of  farms 
in  certain  specific  years.  Using  Pearson's  formula  as  a  guide,  the 
Chicago  milk  producers  asked  the  dealers  $3.71  per  hundredweight 
for  their  milk  in  November,  1917.  The  dealers  refused,  and  a 
strike  was  declared.  The  Food  Administration  intervened  in  an 
unofficial  way  and  induced  the  producers  to  agree  to  a  price  of 


]Mir.K  Price  Detekmixatiox  -io 

$3.22  per  hundredweight,  pending  an  investigation  by  the  federal 
government  as  to  a  price  which  should  cover  cost  of  production 
and  a  reasonable  profit. 

The  Food  Administration  appointed  as  a  committee  to  deter- 
mine cost  of  producing  milk  plus  a  reasonable  profit,  six  people  of 
essentially  city  interests  and  three  people  of  essentially  agricultural 
interests.  This  committee  took  testimony  during  the  months  of 
December  and  January,  and  in  their  report  took  as  a  guiding  prin- 
ciple in  determining  the  cost  of  producing  milk  the  ratio  method. 
Early  in  December,  the  author  was  asked  to  present  to  the  com- 
mission a  profit  and  loss  chart  on  milk  produced  in  the  Chicago 
district  since  January,  1907,  the  profits  and  losses  being  based  on 
ratios  between  milk  prices  per  hundredweight  on  the  one  hand,  and 
a  composite  of  corn,  oats,  bran,  cottonseed  meal,  gluten  feed,  hay, 
and  labor  prices  on  the  other  hand.  These  latter  ingredients  were 
weighted  roughly  as  in  the  Pearson  formula,  but  corn  was  given 
greater  emphasis.  Incidentally,  it  is  interesting  to  note  as  cor- 
roborative both  of  the  ratio  method  and  the  cost-of-production 
method  as  employed  by  Professor  Pearson,  that  the  two  methods 
give  very  similar  results.  Of  course,  it  is  conceivable  that  if  Pro- 
fessor Pearson  had  made  his  cost  accounting  investigation  m  a 
year  either  of  extremely  good  pasture  or  extrcmel}'  poor  pasture, 
the  two  methods  would  not  agree.  But  taking  as  he  did  fairly 
average  years,  the  results  check  very  closely. 

While  the  Chicago  INIilk  Commission  adopted  the  principle  of 
the  ratio  method,  it  did  so  witli  certain  modifications.  To  illus- 
trate the  method  as  adopted  by  the  Chicago  j\Iilk  Commission,  we 
quote  from  the  report  as  follows : 

"The  commission  has  therefore  selected  as  a  base,  representing 
cost  of  production  and  a  fair  profit,  the  average  sale  price  per 
one  hundred  (100)  pounds  over  the  years  1908  to  1915,  inclusive. 
The  result  of  course  does  not  represent  present  value,  due  to  the 
large  advance  in  cost  of  feed  and  labor  since  that  time.  The  quan- 
tity of  feed  and  labor  per  one  hundred  (100)  pounds  of  milk, 
however,  is  the  same  in  both  periods.  Considering  the  eight-year 
period  as  a  base  and  distributing  feed  and  labor  on  a  basis  of  100 
per  cent  total,  the  connnission  developed  the  following  ratio:  Nine- 
teen per  cent  home-grown  grains,  19  per  cent  mill-feeds  (wheat, 
bran,  wheat  middlings,  homin}',  cottonseed  meal,  oil  meal,  gluten 
feed,  dry  salt),  35  per  cent  hay  (including  silage  valued  at  the 
ratio  of  three  tons  of  silage  to  one  ton  of  hay),  27  per  cent  labor. 

"It  was  "agreed  by  the  commission  that  variations  in  the  prices 
of  those  four  units  represent  with  sufficient  accuracy,  when  ap- 


46 


Agricultural  Prices 


plied  according  to  the  above  ratio,  the  increase  or  decrease  in  the 
co.st  of  production  of  milk.  The  only  criticism  made  to  this  base 
or  this  plan  was  by  a  minority  of  the  members  of  the  connnission, 
that  the  price  to  the  producer  during  the  eight-year  period  re- 
ferred to  was  not  satisfactory  to  them. 

"From  the  monthly  price  reports  issued  by  the  Department  of 
Agriculture,  the  farm  prices  of  home-grown  grains  and  hay  are 
obtainable,  and  from  a  reliable  trade  journal  published  in  Mil- 
waukee the  wholesale  prices  of  mill-feeds  arc  obtainable.  The 
average  over  the  eight-year  period  from  these  records  is  as  follows : 
Corn,  $1,107  per  hundred  pounds;  mill-feeds,  $1,306  per  hundred 
pounds ;  hay,  55.7  cents  per  hundred  pounds. 

"It  appears  fair  to  the  industry  that  it  is  entitled  to  the  same 
proportionate  increase  in  the  price  of  its  product  as  has  occuri'ed 
in  the  elements  which  make  up  the  product.  From  the  records  of 
the  Department  for  November,  1917,  the  beginning  of  the  period 
under  consideration,  the  following  prices  prevailed,  obtained  from 
the  same  sources :  Corn,  $3,089  per  hundred  pounds ;  mill-feeds. 
.$2.3655  per  hundred  pounds ;  hay,  78  cents  per  hundred  pounds. 

"The  commission  has  considered  from  the  evidence  and  such 
information  as  was  obtainable  that  the  price  of  labor  in  November 
represents  50  per  cent  advance  over  the  average  for  the  eight-year 
period.  Using  the  proportion  of  feed  and  labor  and  prices  over 
the  eight-year  period,  and  comparing  Avith  November  prices  from 
the  same  source  of  information  and  on  the  same  products,  we  find 
the  folloAving  ratio  of  increase: 


« 

O) 

0) 

U  > 

u  '^ 

C3  tH    ™ 

-o 

TO  rt 

01  "C 

01  05   5> 

0) 

c 

0)  " 

-2  ft 

-  r-l    >>     . 

t3 

^.-O 

W         OO'CJ 

a 

'55 

Eight- 
perio 
age. 

Pet.  in 
Nov., 
over 
perio 

Corn   

19 

$1,107 
1.306 

$3,089 
2.3655 

179 

53.01 

Mill   feeds 

19 

81.1 

34.41 

Hay    

35 

.557 

.780 

40 

49.00 

Labor  

27 

50 

40.50 

100 

177 

"The  average  price  of  milk  per  one  hundred  (100)  pounds  for 
the  month  of  November,  from  1908  to  1915,  inclusive,  was  $1,768, 
Applying  the  new  index  ratio  of  1.77,  the  November,  1917,  price 
would  be,  therefore,  $3.13.  In  the  same  manner,  the  price  for  any 
month  may  be  determined  by  taking  the  average  price  over  the 
eight-year  period  for  that  month  and  multiplying  it  by  the  index 


Milk  riticE  Deteumixatiox  47 

figure,  1.77.  It  will  be  noted  that  by  the  u.se  of  this  method  the 
ratio  of  the  costs  of  feed  and  labor  between  the  average  of  the 
eight-year  period  and  the  November,  1917,  period,  is  used  rather 
than  the  actual  prices  of  the  commodities. 

"The  average  monthly  prices  of  milk  per  hundred  pounds  over 
the  eight-year  period  were  as  follows:  November,  $1,768;  Decem- 
ber, .$1.81^;  January,  $1,781;  February,  $1,737;  March,  $1.60; 
April,  $1,406;  May,  $1.15;  June,  $1,017.  Applying  this  index, 
1.77  November  price,  to  these  figures:  November,  $3.13;  Decem- 
ber, $3.20;  January,  $3.15;  February,  $3.07;  March,  $2.83; 
April,  $2.49;  May,  $2.04;  June,  $1.80." 

This  report  was  signed  only  by  the  city  members  of  the  com- 
mission.     The    agriculturally-minded    members    and    the    Chicago 

1907     I90g     1909     1910      1911       1912     1913      /9l4      I9IS     i9l6      /9l7      1918       1913    <9^0 


40c 

:s  G< 

,n  ?«r 

Cv.t 

^o  - 

Ik 

k 

20  I 

i^ 

M 

J 

L 

yb 

_J.. 

k 

J 

0 

t-sT^ 

ssff 

.% 

r 

"^1 

r 

r 

40 

1 

r 

) 

III' 

? 

60  •• 

.. 

1 

1 

80- 

•• 

iiuiSlraUiiy  when  CliicuKo  milk  prices  have  been  above  and  below  their  ten-year 
average  ratio  to  feed  and  labor  prices. 

milk  producers  knew  that  the  prices  secured  by  the  ratio  method 
as  advocated  by  the  commission  were  not  high  enough  to  cover 
cost  of  production.  The  fault  was  in  the  method  of  application. 
Hay  and  labor  between  them  were  made  to  represent,  according 
to  the  commission,  62  per  cent  of  the  total  cost  of  producing  milk, 
which  is  altogether  too  high  a  weighting.  This  bad  weighting  was 
made  worse  because  of  the  fact  that  thoroly  up-to-date  figures  on 
hay  and  labor  were  not  available,  and  the  figures  which  were  taken 
wore  far  lower  than  those  existing  at  the  time  when  the  report  was 
actually  publisjied.  The  converting  of  silage  into  terms  of  hay 
instead  of  into  terms  of  corn  is  a  matter  open  to  grave  question  in 
view  of  the  fact  that  silage  production  costs  are  almost  identical 
with  corn  production  costs,  and  the  alternative  market  for  silage 
is  the  corn  market  and  not  the  hav  market.      Several  other  mis- 


48  Aguicultukal  Prices 

takes  were  made  which  miglit  have  been  avoided  if  the  method  had 
been  applied  by  a  thoroly  impartial  body  well  versed  in  the  tech- 
nique of  dairying  as  well  as  the  weighting  of  agricultural  index 
numbers.  The  unjust  prices  secured  by  the  commission  should  not 
be  blamed  on  the  ratio  method,  but  on  the  way  in  which  it  was 
applied.  The  finest  scales  are  not  dcpcnda])lc  in  the  hands  of  an 
ignorant  or  a  dishonest  man. 

We  present  lierew^ith  a  historical  milk  chart  indicating  profits 
and  losses  from  January,  1908. 

A  full  description  of  the  derivation  of  the  Pearson  formula  is 
to  be  found  in  Bulletin  No.  21G  of  the  Illinois  Experiment  Station. 


COST  OF  PRODUCING  CROPS 

THERE  are  two  methods  of  determining  the  cost  of  producing 
crops — the  cost-accounting  method  and  the  ratio  method. 
The  common  method  is  the  cost-accounting  system,  as  employed 
by  farm  management  investigators.  For  example,  it  has  been 
found  that  the  average  farmer  in  the  corn  belt  puts  about  twenty 
hours  of  man  labor  and  fifty  hours  of  horse  labor  on  the  average 
acre  of  corn.  This  divides  up  roughly  into  three  hours  of  man 
labor  and  twelve  hours  of  horse  labor  for  plowing,  three  hours  of 
man  labor  and  twelve  hours  of  horse  labor  for  disking  and  har- 
rowing, three-fourths  of  an  hour  of  man  labor  and  one  and  one- 
half  hours  of  horse  labor  for  planting,  six  hours  of  man  labor  and 
twelve  hours  of  horse  labor  for  cultivating,  six  hours  of  man  labor 
and  twelve  hours  of  horse  labor  for  husking,  two  hours  of  man  labor 
and  five  hours  of  horse  labor  for  manuring  and  miscellaneous.  In 
addition  to  the  man  and  horse  labor  charges  are  machinery  expense, 
seed,  manure  or  fertilizer,  insurance  and  depreciation  on  the  gen- 
eral overhead  charges,  and  the  rent  of  land.  With  man  labor  at 
35  cents  an  hour,  horse  labor  at  18  cents  an  hour,  land  rent  at  $12 
an  acre,  and  machinery  and  miscellaneous  expenses  at  $4  an  acre, 
the  total  cost  of  producing  an  acre  of  corn  in  1919  was  about  $32. 
On  extra  good  land,  the  rent  was  as  high  as  $18  or  $20  an  acre, 
and  the  cost  of  an  acre  was  increased  accordingly.  However,  on 
extra  good  land  the  yield  was  decidedly  above  the  average.  The 
average  acre  yield  in  Iowa  in  1919  was  fort}'  bushels,  or  the  cost 
of  producing  a  bushel  of  corn  was  roughly  80  cents  on  the  farm  in 
the  montli  of  December.  The  1919  crop  was  decidedly  above  the 
average ;  with  an  average  crop  it  would  have  cost  the  Iowa  farmer 
right  around  90  cents  a  bushel  in  such  a  year  as  1919. 

Tlic  ratio  nictliod  wlicii  applied  to  corn  corroborates  tlie  farm 
management  investigational  metliod.  The  ratio  method  is  based 
on  the  supposition  that  the  cost  of  producing  corn  varies  with  the 
cost  of  man  labor,  liorsc  labor  and  machinery.  For  the  sake  of 
convenience,  it  is  taken  that  the  cost  of  horse  labor  varies  with  the 
price  of  corn,  oats  and  hay,  and  that  the  price  of  agricultural 
machinery  varies  witli  that  part  of  Dun's  index  known  as  metals. 
Roughly,  it  is  figured  that  of  the  cost  of  producing  corn  in  Iowa, 
35  per  cent  is  represented  by  land  charge,  20  per  cent  b}'  man 
labor,  15  per  cent  by  corn  (used  cither  as  seed  or  fed  to  horses), 
10  per  cent  by  liay  fed  to  horses,  5  per  cent  by  oats  fed  to  horses. 


50  Agricultukal  Prices 

10  per  cent  by  Dun's  metals,  and  5  per  cent  by  Dun's  miscella- 
neous. Dun's  metals  are  given  a  lag  of  two  years,  and  Dun's  mis- 
cellaneous of  one  year,  owing  to  the  fact  that  machinery  and  the 
miscellaneous  overhead  expenses  entering  into  the  cost  of  corn  pro- 
duction become  felt  rather  slowly. 

Apph"ing  the  ratio  method,  we  will  take  as  our  base  the  ten- 
year  period  from  189T  to  1906.  During  this  period  Iowa  land 
averaged  about  $50  an  acre;  harvest  labor,  without  board,  $2  a 
day;  corn,  29.4  cents  a  bushel;  hay,  $5.47  a  ton;  oats,  23  cents  a 
bushel:  Dun's  metals,  about  $14,  and  Dun's  miscellaneous,  about 
$15.  Tlie  average  acre  of  Iowa  corn  during  this  ten-year  period 
was  worth  on  a  December  1st  farm  basis  $10. 

Now,  in  1919,  Iowa  land  was  worth  about  $192  an  acre,  or 
384  per  cent  of  the  basic  ten-year  period;  man  labor,  without 
board,  at  harvest  time  was  around  $5.20  a  day,  or  approximately 
260  per  cent  of  this  ten-year  basic  period.  In  like  manner,  corn  was 
410  per  cent ;  oats,  280  per  cent;  hay,  330  per  cent;  Dun's  metals, 
•  230  per  cent,  and  Dun's  miscellaneous,  230  per  cent.  If  land  is  al- 
lowed a  weighting  of  35  per  cent;  man  labor,  20  per  cent ;  corn,  15 
per  cent;  hay,  10  per  cent;  oats,  5  per  cent;  Dun's  metals,  10  per 
cent,  and  Dun's  miscellaneous,  5  per  cent,  we  arrive  at  329  per 
cent  as  the  cost  of  producing  an  acre  of  corn  in  1919,  as  compared 
with  100  per  cent  for  the  basic  ten-^'^ear  period.  In  the  basic  ten- 
\Qiir  period,  an  acre  of  corn  actually  sold  for  $10.  In  1919,  in 
order  to  come  as  near  breaking  even  as  in  the  basic  ten-year  period, 
;;n  acre  of  corn  should  sell  for  $32.90.  The  ratio  method  gives 
almost  identically  the  same  results  as  the  farm  management  method. 
Both  indicate  that  it  cost  the  average  Iowa  farmer  in  1919  about 
80  cents  to  produce  a  bushel  of  corn  on  a  basis  of  December  1st 
farm  values.* 

The  ratio  method  may  be  applied  to  other  crops  by  using  a 
somewhat  different  weighting  of  the  production  factors.  In  the 
case  of  oats  in  Iowa,  for  instance,  land  may  be  given  a  Aveighting 
of  about  35  per  cent;  man  labor,  15  per  cent;  corn,  10  per  cent; 
hay,  10  per  cent;  oats,  15  per  cent;  Dun's  metals,  10  per  cent, 
and  Dun's  miscellaneous,  5  per  cent.  This  would  indicate  that 
oats  in  Iowa  in  1919  cost  about  324  per  cent  as  nmch  as  in  the 
basic  ten  years.  In  the  basic  ten-year  period,  the  average  acre 
of  oats  ill  Iowa  sold  for  $8.     We  may  therefore  conclude  that  the 


*The  chart  printed  in  connection  witli  the  chapter,  "Pork  Exports, 
the  Barometer  of  Corn  Belt  Prosperity,"  gives  forty-four  years  of  profit 
and  loss  areas  per  acre  of  corn  in  the  twelve  north  central  states,  the 
method  used  being  the  ratio  method  as  described  in  the  above. 


Cost  of  Producing  Crops  51 

cost  of  producing  oats  in  1919  Avas  324  per  cent  of  $8,  or  $25.92. 
With  an  average  yield  of  thirty-three  bushels  per  acre,  the  cost 
per  bushel  was  about  78  cents  on  a  December  1st  farm  basis. 

Manifestly,  the  weak  point  in  the  ratio  method  of  determining 
cost  of  producing  crops  is  the  character  of  the  basic  period.  Did 
the  crops  actually  sell  during  the  basic  ten-year  period  for  cost  of 
production?  ]Manifestly,  in  some  years  they  sold  for  less,  and  in 
some  years  they  sold  for  more.  As  an  average  of  the  entire  ten- 
year  period,  they  must  have  sold  for  at  least  cost  of  production, 
or  farmers  would  gradually  have  reduced  their  acreage  of  the  par- 
ticular crop  under  consideration,  or  else  gone  out  of  business  en- 
tirely. As  a  matter  of  fact,  in  the  ten-year  period  under  con- 
sideration, 1897-1906,  land  values  were  constantly  advancing.  It 
would  seem,  on  the  whole  that  this  particular  ten-year  period  is  a 
fair  one  to  use,  and  that  as  an  average  of  these  ten  3'ears  crops 
sold  for  approximately  cost  of  production,  no  more,  no  less. 

It  is  always  conceivable  that  over  long  periods  of  time  there 
might  have  occurred  changes  in  supply  or  demand  conditions  that 
would  make  the  basic  ten-year  period  altogether  false  for  the  pur- 
pose of  comparison.  For  example,  in  the  case  of  oats,  it  is  con- 
ceivable that  tractors,  trucks  and  automobiles  might  so  displace 
horses  as  to  make  the  city  demand  for  oats  decidedly  less  than 
during  the  ten-year  period  extending  from  1897  to  1906.  The 
oats  acreage  might  therefore  be  considerably  decreased,  and  oats 
be  produced  in  large  quantities  only  in  those  sections  especially 
adapted  to  growing  oats.  It  is  conceivable,  therefore,  that  the 
ratio  method  may  possibly  give  the  cost  of  oats  production  at 
rather  too  high  a  figure,  a  figure  impossible  of  realization,  one 
A'ear  with  another.  In  the  case  of  standard  crops,  however,  there 
is  remarkably  little  change  in  either  supply  conditions  or  demand 
conditions.  Methods  of  producing  corn  are  pretty  well  standard- 
ized. The  market  for  corn  is  almost  equally  stable.  It  is  be- 
lieved that  the  ratio  method  of  determining  cost  of  corn  production 
will  be  approximately  accurate  for  the  next  fifty  years. 


CONSUMERS'  RATIOS 

DURING  the  past  fifty  years,  a  number  of  people  have  set 
themselves  to  work  to  measure  the  shifting  economic  tides 
with  index  numbers.  The  more  complete  of  these  index  numbers 
really  undertake  to  measure  the  changing  value  of  the  dollar.  In 
July  of  1914',  for  instance,  Dun's  index  number  was  ^119.71,  which 
meant  that  it  required  $119.71  to  buy  a  certain  given  amount  of 
wheat,  corn,  oats,  pork,  beef,  butter,  eggs,  wool,  hides,  pig-iron, 
lumber,  petroleum,  etc.  On  September  1,  1919,  it  required  $238.34 
to  bu}'  these  same  goods.  The  dollar  of  July  of  1914  had  become 
worth  about  50  cents  in  September  of  1919,  in  its  ability  to  buy 
wholesale  products.  The  consumer,  in  his  buying,  has  certain 
choices.  The  man  who  thinks  pork  is  too  high  in  price  can  shift 
to  beef  or  mutton  ;  or  he  can  leave  meat  altogether  out  of  his  ration 
and  secure  the  needed  nutrients  in  dairy  or  poultry  products. 

The  producers'  ratios,  as  described  in  preceding  chapters,  have 
to  do  fundamentally  with  supply  conditions.  They  deal  with  the 
relation  between  a  raw  product  and  a  more  finished  product.  They 
are  concerned,  but  not  immediately,  with  demand  conditions.  The 
attempt  in  this  chapter  is  to  develop  a  ratio  which  gives  more  par- 
ticular weight  to  demand  conditions.  Therefore,  ratios  are  devel- 
oped between  a  standard  index  number  on  the  one  hand  and  a  given 
commodity  on  the  other.  However,  because  index  numbers  in- 
clude some  of  the  items  of  expense  entering  into  the  production 
of  any  commodity,  such  a  ratio  also  represents  to  a  considerable 
extent  a  producers'  ratio. 

To  understand  the  matter  more  dcfinitcl}',  we  shall  look  into  the 
ratio  actually  prevailing  between  Dun's  index  number  and  Chicago 
hog  prices.  As  an  average  of  the  ten-year  period,  1907-1916, 
Dun's  index  number  in  January  has  averaged  $120.16,  whereas 
hogs  during  the  same  period  have  averaged  $6.99  per  hundred- 
weight. In  other  words,  live  hogs  have  sold  per  hundredweight 
for  about  one-seventecntli  of  the  value  of  Dun's  index  number. 
On  this  basis,  in  January  of  1907,  the  index  price  of  hogs  was 
$6.24,  whereas  the  actual  price  was  $6.60,  or  36  cents  higher.  In 
January  of  1908,  the  index  price  of  hogs  was  .$6.59,  whereas  the 
actual  price  was  $4.45,  or  $2.14  lower.  And  so  it  goes.  For  the 
period  of  a  year  or  two,  hogs  will  sell  proportionately  higher  than 
other  commodities,  and  then  for  a  like  length  of  time  they  will  sell 
lower.      This  is  graphical!}'  illustrated  in  the  accompanying  chart. 


Consumers'  Ratios 


53 


This  chart,  it  will  be  noted,  is  very  similar  in  appearance  to  the 
corn-hog  ratio  chart.  The  chief  point  of  difference  is  in  191T 
and  1918,  during  which  time  hogs  sold  relatively  higher  than  an 
average  of  other  commodities,  as  indicated  by  Dun's  index  number, 
whereas  they  were  relatively  lower  than  corn.  War  conditions, 
creating  an  unprecedented  demand  for  breadstuffs,  raised  grain 
prices  out  of  all  proportion  to  other  commodities.  On  studying 
this  chart  closely,  it  will  be  noticed  that  there  is  a  tendency,  gener- 
ally speaking,  for  hogs  to  sell  relatively  cheap  to  other  commodl- 


1901 

1908 

1909 

{^^o 

191' 

/9'2 

1913 

W/+ 

1915 

i9i6 

J9i7 

i9tZ 

1919 

ProfH 

Per 

Cvit. 

■il 

6»-5 

..1 

k 

S'^ 

i 

4S.0 

H^ 

3'j 

i 

n  '  1 
1     1 

2^ 

i 

L 

.1 

i 

L 

J 

L 

r  '*! 

4 

'      1 

\ 

1 

I 

Loss 

m, 

Cwt 

Ui 

r 

T 

1 

r 

2._- 

f 

\ 

T  ! 

5*- 

■' 

Illustrating  the  departure  of  Chicago  hog  prices  from  the  ten-year  ratio  between 
hog  prices  and  Dun's  index  number. 


ties  a  few  months  in  advance  of  the  time  that  they  sell  relatively 
cheap  to  corn,  and  vice  versa.  In  other  words,  the  variations 
shown  on  the  chart  as  given  in  this  chapter  are  often  two  or  three 
months  ahead  of  the  chart  as  given  in  the  chapter  on  corn-hog 
ratios. 

A  historical  study  of  the  ratio  between  index  numbers  and  Chi- 
cago steer  prices  indicates  that  steer  prices  swing  first  above  and 
and  then  below  their  index  number  value  in  periods  of  from  five  to 
nine  3'cars  each  way,  witli  an  average  of  around  seven  years. 


54 


Agricultural  Prices 


The  1907-191 G  ratio  between  Dun's  index  number  and  whole- 
sale prices  of  certain  farm  products  is  given  in  the  following  table: 


January 
February 
March     . . . 
April     . . . . 

May     

June     .... 

July     

August     .  . 
September 
October    . . 
November 
December 


o 

bo 

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u 

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m  a 

03    O 

be  bO 

in  ^ 

!-    U  -a 

o  a    ■ 

O   •/-   fe 

£.S§ 

.     bO  O 

>00t 
teer 
er  c 

j^«P. 

^\  cc  a 

-    CSft 

.0583 

.0597 

.263 

.0604 

.0593 

.255 

.0638 

.0620 

.251 

.0652 

.0631 

.241 

.0631 

.0636 

.215 

.0632 

.0655 

.212 

.0638 

.0659 

.212 

.0638 

.0670 

.219 

.0642 

.0665 

.233 

.0620 

.0656 

.242 

.0578 

.0634 

.254 

.0568 

.0621 

.264 

o  — <■ 

o^  ZJ  ■„ 

.499 
.503 
.514 
.537 
.555 
.551 
.572 
.602 
.582 
.559 
.537 
.518 


With  Dun's  index  number  at  $245  for  December  of  1919,  the  method 
of  finding  the  index  price  of  hogs  is  to  multiply  $245  by  .0568,  which 
gives  $13.92. 

It  is  not  claimed  that  the  ratio  between  Dun's  index  number  and 
hogs,  for  instance,  is  as  constant  as  the  ratio  between  hogs  and 
corn.  In  the  decade  of  the  '60's,  hogs  sold  for  one-third  lower  in 
relation  to  Dun's  index  number  than"  in  the  decade  ending  in  1916. 
There  has  been  a  constant  tendency  for  farm  products  to  sell  con- 
stantly higher  in  relation  to  Dun's  index  number.  And  this  tend- 
ency doubtless  will  continue  until  population  becomes  stationary, 
altho  there  may  be  several  years  at  a  time  when  the  tendency  is  ap- 
parently halted  because  of  improvements  in  agricultural  efficiency. 
In  the  main,  the  possibility  of  improvements  in  industrial  efficiency 
is  so  much  greater  than  in  agriculture  that  we  may  expect  that 
agricultural  prices  will  stand  in  constantly  higher  ratio  to  other 
prices,  until  finally  the  increase  in  population  is  checked. 

Working  out  ratios  between  Duns  index  number  and  retail 
prices  as  reported  by  the  Bureau  of  Labor  Statistics,  we  find  that 
as  an  average  of  the  1907-1916  period,  .183  of  Dun's  index  number 


Consumers'  Ratios  55 

represented  the  price  of  sirloin  steak  in  cents  per  pound.     For 
other  commodities  sold  at  retail  the  ratio  factors  were : 

TABLE   1. 

Round  steak,  per  pound  $  .159 

Rib  roast,  per  pound  148 

Pork  chops,  per  pound  157 

Bacon,  per  pound  206 

Ham,  per  pound 199 

Lard,  per  pound 122 

Hens,  per  pound   165 

Eggs,  per  dozen 267 

Butter,  per  pound  294 

Milk,  per  quart    071 

Flour,  per  bag  of  24.5  pounds 722 

Corn  meal,  per  pound  023 

Potatoes,  per  peck   243 

Sugar,  per  pound 051 

It  is  interesting  to  note  that  in  September  of  1919,  when  there 

was  a  universal  outcry  against  retail  prices,  an  outcry  vigorously 

encouraged  by  notoriety-seeking  politicians,  that  retail  prices  were 

about  as   might  have  been   expected   from  Dun's   index  number. 

Dun's  index  number  was  .$238. 34<  on  September  1,  1919,  and  the 

first  column  of  Table  2  gives  the  retail  price  which  we  might  expect 

by  applying  the  standard  ratios.     The  second  column  gives  actual 

prices  on  September  15th,  as  reported  by  the  Bureau  of  Labor 

Statistics : 

TABLE  2. 

Sirloin  steak,  per  pound $  .436  $  .409 

Round  steak,  per  pound 379  .379 

Rib  roast,  per  pound 352  .312 

Pork  chops,  per  pound 374  .460 

Bacon,  per  pound   490  .556 

Ham,  per  pound    474  .552 

Lard,  per  pound   291  .382 

Hens,  per  pound   393  .414 

Eggs,  per  dozen    636  .632 

Butter,  per  pound    701  .657 

Milk,   per   quart    169  .157 

Flour,  per  bag  of  24.5  pounds 1.721  1.790 

Corn  meal,  per  pound 055  .067 

Potatoes,   per  peck    579  .645 

Sugar,  per  pound   122  .110 

The  factors  as  worked  out  in  Table  1  are  ratios  between  ycarl}' 
average  retail  prices  and  yearly  average  Dun's  index  numbers. 
Even  retail  prices,  however,  have  some  seasonal  swing.  For  in- 
stance, meats  tend  to  be  cheaper  in  the  winter  than  in  the  summer, 
whereas  butter  and  eggs  tend  to  be  cheaper  in  the  summer  than  in 
th  winter.  Because  of  the  seasonal  swing,  the  first  colunm  of 
Table  2  is  not  al)solutely  accurate.  For  instance,  the  retail  price 
of  sirloin  steak  in  September  is  usually  about  2  per  cent  higher 


56  Agricultural  Prices 

than  the  yearly  average,  and,  corrected  for  the  month  of  Septem- 
ber, the  price  should  have  been  44;. 5  cents,  instead  of  43.6  cents. 
On  the  same  basis,  the  seasonally  corrected  price  for  butter  for 
September,  1919,  was  68.6  cents,  instead  of  70.1  cents. 

In  the  main,  however.  Table  2  is  fairly  accurate  as  it  stands. 
It  will  be  noted  that  with  the  exception  of  hog  products,  wheat  and 
potatoes,  retail  prices  in  September  of  1919  tended  to  be  lower 
than  their  normal  ratio  to  Dun's  index  number. 

Possibly  a  consumers'  attack  on  the  price  of  pork  products, 
wheat  and  potatoes  was  warranted  in  September  of  19  i  9.  It  must 
be  remembered,  however,  that  there  was  supposedly  a  world  need 
for  hog  products  and  wheat  at  that  time,  and  that  potatoes  were 
undul}'  high  on  account  of  a  short  crop. 

Consumers  should  be  educated  in  the  use  of  index  numbers  and 
to  an  understanding  of  normal  ratios  between  index  numbers  and 
the  various  commodities  which  they  buy.  In  times  of  violent  price 
fluctuations  they  should  know  just  what  is  the  index  price  of  the 
commodities  whose  prices  are  acting  in  a  questionable  way.  At  the 
same  time  they  should  realize  that  the  index  price  is  not  necessarily 
the  just  price.  However,  the  index  price  gives  a  basis  upon  which 
the  consumer  may  work.  He  may  then  inquire  why  it  is  that  the 
actual  price  departs  from  the  index  price.  In  ]May  of  1918,  for 
instance,  the  index  price  of  corn  in  Chicago  was  $1.25,  whereas 
the  actual  price  was  $1.60.  The  actual  price  was  above  the  index 
price  partly  because  of  a  poor  quality  corn  crop  in  1917,  but  par- 
ticularly because  of  an  unprecedented  demand  for  breadstuffs. 
Nevertheless,  everything  considered,  the  consumer  may  have  had 
some  basis  for  resentment  against  the  high  price  of  corn  and  com 
products,  whereas  if  he  had  studied  the  milk  and  butter  situation, 
lie  would  have  seen  that  the  dairy  products  were  being  sold  at  a 
real  bargain.  Strange  to  say,  consumers  kicked  vigorously  against 
milk  prices,  but  had  nothing  to  say  about  corn  prices.  Consumers 
are  always  concerned  with  superficial  appearances,  never  with  fun- 
damental causes.  And  this  characteristic  of  city  consumers,  com- 
bined with  an  unscrupulous,  ignorant  city  press,  is  a  grave  menace 
to  our  civilization. 


TECHNIQUE  OF  THE  RATIO  METHOD 

THE  fundamental  idea  of  the  ratio  method  is  that  the  price  of 
every  product  is  determined  in  the  long  run  by  the  price  of 
some  other  product  or  products.  The  price  of  hogs  is  determined 
in  the  long  run  by  the  price  of  corn.  The  price  of  corn  is  deter- 
mined in  the  long  run  by  the  price  of  land,  labor,  farm  machinery 
and  horse  feed.* 

In  its  simplest  form,  the  ratio  method  deals  with  only  two  prod- 
ucts, as  for  example,  with  hogs  and  corn.  As  an  average  of  the 
ten  Januarys  extending  from  1907  to  1916,  No.  2  corn  on  the  Chi- 
cago market  sold  for  59.9  cents  a  bushel,  and  heavy  hogs  on  the 
same  market  sold  for  $7  per  hundredweight.  In  other  words,  as 
an  average  of  this  ten-3^ear  period,  it  has  required  the  value  of 
11.7  bushels  of  corn  to  equal  in  value  one  hundred  pounds  of  heavy 
hog  flesh.  In  the  specific  month  of  January,  1907,  corn  was  41.6 
cents  per  bushel.  The  corn  price  of  hogs  was  11.7  times  41.6 
cents,  or  $4.87.  The  actual  price  of  hogs  in  January,  1907,  was 
$6.60.  Actual  hogs  sold  for  $1.73  above  the  customary  com-hog 
ratio.  In  January  of  1908,  with  corn  at  58.5  cents  a  bushel,  the 
corn  price  of  hogs  would  be  11.7  times  58.5,  or  $6.84.  The  actual 
price  was  $4.45,  or  $2.39  below  the  ratio  price.  The  ratio  for 
February  is  different  from  the  ratio  for  January',  but  once  a  set 
of  ratios  is  secured  for  each  of  the  twelve  months  of  the  year,  it 
is  easily  possible  to  work  out  charts  showing  month  by  month  the 
periods  of  time  when  hogs  were  selling  relatively  higher  than  their 
customary  ratio  to  corn,  and  when  they  were  selling  relatively 
lower. 

It  is  absolutely  necessary  to  work  ratios  month  by  month,  or 
week  by  week,  in  the  case  of  all  products  which  have  a  seasonal 
swing.  Nearly  all  agricultural  products  are  cheap  in  tlie  fall  of 
the  year.  Some  products  begin  weakening  sooner  than  others  ;  for 
instance,  oats  and  wheat  weaken  sooner  than  corn  or  hogs. 

A  genuinely  scientific  method  of  applying  the  ratio  method  to 
hog  prices  would  also  take  into  consideration  that  hogs  are  to  some 
extent  made  out  of  tankage,  pasture  and  labor,  as  well  as  corn.  Of 
course,  these  tilings  vary  in  value  in  a  rough  way,  in  just  about 
the  same  wa}'  as  com  prices,  and  for  practical  purposes,  the  ratio 
between  hogs  and  corn  is  probably  exact  enough. 

♦It  may  be  argued  that  the  price  of  hogs  determines  the  price  of  com, 
and  that  the  price  of  corn  determines  the  price  of  U\nd.  This  to  a  large 
extent  may  be  true,  and  yet  not  interfere  with  the  usefulness  of  the  ratio 
method  for  purposes  of  price  judging. 


58  Agricultural  Prices 

As  an  example  of  a  more  complex  application  of  the  ratio 
method,  assume  that  after  thoro  investigation  by  the  farm  manage- 
ment people,  it  is  found  that  on  typical  farms  70  per  cent  of  the 
cost  of  producing  hogs  is  represented  by  corn,  5  per  cent  by  tank- 
age, 3  per  cent  by  oats,  3  per  cent  by  pasture,  2  per  cent  by  mid- 
dlings, 6  per  cent  by  man  labor,  and  11  per  cent  by  miscellaneous 
items,  such  as  risk,  interest,  etc.,  all  of  which  vary  in  about  the 
same  ratio  as  the  other  items  already  enumerated.  Spreading  tlie 
11  per  cent  of  miscellaneous  items  over  the  other  items,  we  find  tliat 
of  the  cost  of  producing  hogs,  78  per  cent  is  represented  by  corn, 
3  per  cent  by  oats,  6  per  cent  by  tankage,  4  per  cent  by  pasture, 
2  per  cent  by  middlings,  and  7  per  cent  by  man  labor.  Now,  as 
an  average  of  the  ten-year  period,  1907  to  1916,  the  value  in  the 
month  of  January,  at  Chicago,  was  59.9  cents  for  corn  and  43.4! 
cents  for  oats.  The  value  of  middlings  on  a  Milwaukee  basis  was 
$.22.77  per  ton.  The  value  of  tankage  (this  is  a  rough  estimate) 
was  $46  per  ton ;  tlie  value  of  pasture  land,  $66  per  acre,  and  the 
value  of  an  hour  of  man  labor  14.6  cents.  Hogs  averaged  $7  per 
hundredweight. 

According  to  the  ratio  theory,  this  ten-year  average  price  of 
$7  per  hundredweight  for  liogs  nnist  represent  approximately  cost 
of  production.  Seventy-eight  per  cent  of  $7  gives  $5.46  as  the 
share  of  corn  in  the  production  cost,  and  in  like  manner  21  cents 
is  the  value  of  the  oats,  42  cents  the  value  of  the  tankage,  28  cents 
the  value  of  the  pasture,  14  cents  the  value  of  the  middlings,  and 
49  cents  the  value  of  the  man  labor.  With  corn  at  79.9  cents  a 
bushel,  as  it  was  during  this  ten-year  period,  and  other  feeds  at 
prices  as  mentioned  in  the  foregoing,  it  is  obvious  that  it  lecjuired, 
to  equal  one  hundred  pounds  of  hog  weight,  tlie  value  of  9.1  bushels 
of  corn,  one-half  bushel  of  oats,  one-two  hundred  and  fiftieth  of 
the  value  of  an  ncre  of  ordinary  rough  pasture  land,  twelve  pounds 
of  middlings,  eighteen  pounds  of  tankage,  and  3.4  hours  of  man 
labor.  In  the  specific  month  of  January,  1907,  corn  was  worth 
41.6  cents;  oats,  35.4  cents;  middlings,  $18.37;  ordinary  rough 
pasture  land,  $51  per  acre;  tankage,  $40  a  ton,  and  m;in  labor,  13 
cents  an  hour.  Nine  bushels  of  corn  at  41.6  cents  gives  $3.78;  half 
a  bushel  of  oats  at  35.4  cents  gives  18  cents;  twelve  pounds  of  mid- 
dlings at  $18.37  per  ton  gives  10  cents;  one-two  hundred  and  fifti- 
eth of  the  value  of  an  acre  of  ordinary  pasture  land,  at  .$51  per 
acre,  gives  20  cents ;  eighteen  pounds  of  tankage  at  $40  per  ton 
gives  36  cents,  and  3.4  hours  of  man  labor  at  13  cents  gives  44 
cents.  Adding,  wo  get  .$5.06  as  the  cost  of  producing  hogs  in 
January,  1907.      In  January,  1908,  with  corn  at  58.5  cents  per 


Technique  of  the  Ratio  Method  59 

bushel,  oats  at  49.9  cents,  middlings  at  $22.62  per  ton,  tankage  at 
$40  per  ton,  pasture  at  $51  per  acre,  and  man  labor  at  13  cents 
an  hour,  we  find,  by  applying  the  same  formula,  that  the  cost  of 
producing  one  hundred  pounds  of  hogs  was  $6.69.  The  straight 
corn  ratio  method  gave  $4.87  for  January  of  1907,  and  $6.84  for 
January  of  1908,  departing  from  the  more  complex  ratio  on  the 
minus  side  by  19  cents  in  1907  and  on  the  plus  side  by  15  cents  in 
1908.  The  results  are  so  nearly  alike  that  in  the  case  of  hogs 
we  think  that  it  is  ordinarily  satisfactory  to  depend  on  corn  ratios 
alone,  altho  in  the  case  of  such  products  as  milk  and  butter  it  is 
well  to  include  feeds  other  than  corn  and  to  use  a  method  similar 
to  that  just  outlined. 

In  order  to  allow  the  general  public  to  judge  of  the  merits  of 
Avage  increases,  strikes  and  price  advances,  it  would  be  well  if  the 
ratio  method  might  be  applied  to  manufacturing  and  mining  indus- 
tries;  for  instance,  in  the  case  of  coal,  it  might  be  shown  (these 
figures  are  purely  illustrative  and  possibly  are  wide  of  the  facts) 
that  40  per  cent  of  the  cost  of  producing  coal  is  labor,  20  per  cent 
machiner}'  charge,  and  40  per  cent  risk,  interest  on  investment  and 
similar  factors,  which  vary  in  just  about  the  same  ratio  as  the 
other  two  factors  already  mentioned.  Distributing  this  40  per 
cent  miscellaneous  charge,  we  get  67  per  cent  of  the  cost  of  produc- 
ing coal  represented  by  labor  and  33  per  cent  by  machinery  charge. 
Now,  assume  that  in  1920  the  labor  charge  has  advanced  over  the 
ten-year  base  b}'  90  per  cent,  and  the  machinery  charge  by  110  per 
cent.  jMultiplying  67  by  190  and  33  by  210  and  adding,  we  find 
that  on  this  basis  coal  in  1920  should  be  about  94  per  cent  above 
the  ten-year  base.  If  the  ten-year  base  is  $3.50  per  ton,  the 
proper  price  for  coal  in  1920  should  evidently  be  somewhere  around 
$6.80  per  ton. 

Of  course,  it  is  obvious  that  anj'one  appl}  ing  the  ratio  method 
must  be  thorol}'  familiar  with  the  industry  under  consideration. 
There  should  be,  however,  competent  experts  in  whom  the  public 
has  confidence,  to  express  for  the  benefit  of  the  public,  in  ratio 
form,  the  cost-of-production  price  of  all  staple  products,  and  pos- 
sibly labor  as  well. 

Our  grade  schools  and  our  high  schools  should  train  their  stu- 
dents to  have  an  appreciation  of  the  ratio  method  of  determining 
prices.  An  appreciation  of  this  sort  developed  in  the  minds  of  the 
bulk  of  our  people  would  do  much  to  stabilize  the  price  system,  pre- 
venting undue  excesses,  and  yet  allowing  prices  which  cover  in  a 
fair  way  cost  of  production. 


LIMITATIONS  OF  THE  RATIO  METHOD 

THE  ratio  method,  while  astonishingly  accurate  as  a  method  for 
ascertaining  production  costs,  is  not  infallible.  In  the  case 
of  hogs  and  corn,  for  example,  the  ratio  has  remained  constant, 
decade  by  decade,  for  sixt}'  years.  It  is  always  conceivable,  how- 
ever, that  a  change  in  production  methods  will  come  which  will 
enable  farmers  to  produce  hogs  for  less  than  the  11,5-bushel  ratio. 
It  is  also  conceivable  that  as  population  increases,  there  will  be  a 
smaller  premium  put  on  meat  and  a  greater  premium  put  on  grain, 
with  the  result  that  the  standard  ratio  will  fall  below  eleven  bushels. 
But  in  any  event  the  change  will  be  slow,  and  in  all  probability 
the  ratio  of  the  fifty  years  from  1925  to  19T5  will  not  fall  below 
11  bushels. 

In  the  case  of  such  products  as  butter,  where  improvements  in 
method  count  for  more  than  in  the  case  of  hogs,  there  is  more  like- 
.lihood  of  the  standard  ratio  changing  as  time  goes  on.  In  the  case 
of  such  standard  crops  as  corn  and  M^heat,  there  is  small  probabil- 
ity of  great  change  in  the  standard  ratios.  Any  undue  and  pro- 
longed profit  will  be  promptly  absorbed  by  land  values  and  labor 
wages. 

About  the  only  technological  improvement  which  would  throw 
the  standard  ratios  altogether  out  of  line  would  be  the  discovery  of 
how  to  make  food  out  of  air  and  water  by  manufacturing  processes. 

The  ratio  method,  when  used  in  price  fixing,  rather  than  in 
price  judging,  is  open  to  several  objections.  Under  a  laissez  foire 
system  it  may  be  necessary  for  months  at  a  time  to  cater  to  the 
consumers  by  selling  food  at  below  the  ratio  or  cost-of-production 
price.  And  again  it  is  possible  for  months  at  a  time  to  gouge  the 
consumer  by  selling  food  above  the  ratio  or  cost-of-production 
price  It  is  only  as  farmers,  consumers  and  business  men  become 
educated  to  the  desirability  of  prices  more  nearly  approximating 
cost  of  production  that  the  ratio  system  can  be  used  extensively 
in  actual  price  fixing.  When  it  is  so  used,  there  will  be  less  like- 
lihood of  over-production  on  the  one  hand  and  under-production 
on  the  other  hand. 

Wherever  the  ratio  system  comes  to  be  used  in  actual  price 
fixing,  it  will  be  open  to  the  criticism  that  prices  will  start  pyra- 
miding. For  example,  in  the  case  of  hogs  and  corn,  a  guaranteed 
ratio  may  increase  the  price  of  corn,  and  this  in  turn  the  price  of 
hogs,  and  so  on  iji  a  never-ending  climb.     The  reverse  is  also  imag- 


Limitations  of  the  Ratio  Method  61 

inable.  In  the  case  of  fixing  crop  prices  by  ratio,  it  is  imaginable 
that  land  values  would  constantly  increase,  and  this  would  increase 
the  price  of  crops,  which  again  will  be  reflected  back  into  land,  and 
so  on  in  a  never-ending  cycle.  Economists  like  to  dwell  on  situa- 
tions of  this  kind.  They  are  to  a  large  extent  purely  imaginary. 
To  stop  a  vicious  rise  under  the  ratio  system,  a  rise  which  would 
bring  about  an  over-production,  all  that  would  be  necessary  would 
be  to  very  slightly  lower  the  standard  ratio.  In  the  case  of  hogs, 
for  example,  it  might  be  necessary  to  lower  the  ratio  from  11.5 
bushels  to  11.2  bushels. 

However,  in  all  that  is  said  concerning  the  ratio  method  of 
judging  prices,  there  is  no  intention  to  prescribe  any  definite  meth- 
od of  using  the  system.  The  chief  function  of  ratios  will  doubt- 
less continue  to  be  educational.  It  is  hoped  that  a  knowledge  of 
standard  ratios  by  large  numbers  of  people  will  suffice  to  stabilize 
prices  at  more  nearly  cost  of  production  and  to  stabilize  produc- 
tion at  a  point  more  nearl}'  identical  with  normal  demand. 


RETAIL  AND  WHOLESALE  PRICES 

THERE  has  been  much  outcry  in  recent  years  against  the 
retailer.  Unquestionably,  the  retailer  is  working  under  a 
cumbersome  distributive  system  which  burdens  the  consumer  with 
prices  fully  20  per  cent  too  high.  It  is  commonly  recognized  that 
this  extra  20  per  cent  does  not  represent  retailers'  profits,  but  that 
it  is  used  simply  to  perpetuate  a  system  which  will  cater  most 
effectively  to  the  whims  of  indolent  housewives.  The  cure  for  the 
system  is  for  consumers  to  organize  themselves  into  co-operative 
buying  associations.  When  consumers  are  willing  to  band  them- 
selves together  in  such  associations,  to  anticipate  their  needs  of 
staple  products  by  ordering  ahead,  it  will  be  possible  to  furnish 
such  products  at  very  little  above  wholesale  prices.  In  fact,  it  is 
conceivable  that  under  such  a  regime  co-operative  consumers  might 
buy  of  co-operative  producers.  All  this,  however,  involves  infi- 
nitely more  foresight  than  the  average  citizen  or  his  wife  cares  to 
exercise.  Also  it  involves  putting  a  vast  number  of  small  grocery- 
men  out  of  business.  In  the  long  run,  this  will  be  a  good  thing  for 
every  one,  but  the  immediate  effect  will  be  a  great  outcry  against 
interfering  with  legitimate  business,  and  the  issue  will  be  obscured 
by  the  customary  smoke  screen  used  by  scared  business  men. 

As  long  as  we  cling  to  our  present  retail  system,  it  is  worth 
while  to  know  the  standard  differential  between  retail  prices  on 
the  one  hand  and  wholesale  prices  and  farmers'  prices  on  the  other 
hand.  For  instance,  in  1913,  ham  quite  customarily  retailed  at 
around  26  or  27  cents  a  pound,  whereas  the  wholesale  price  at  the 
same  time  was  around  16  or  17  cents  a  pound,  and  farmers  were 
selling  their  hogs  at  around  8  cents  a  pound.  It  was  a  fairly 
normal  state  of  affairs,  previous  to  the  war,  for  ham  to  sell  retail 
at  10  cents  a  pound  above  the  wholesale  price,  or  18  cents  or  19 
cents  a  pound  above  the  price  of  hogs.  Just  what  the  normal 
differential  will  be,  now  that  the  war  is  over,  can  not  be  foretold 
with  accuracy.  As  long  as  Me  are  on  a  price  level  twice  as  high 
as  in  1914,  it  is  obvious  that  the  differential  between  retail  and 
wholesale  prices  will  be  just  about  twice  as  great.  The  retailer 
may  not  pay  quite  twice  as  much  to  his  labor,  and  he  may  not  pay 
quite  twice  as  much  rent,  but  he  will  have  to  have  twice  as  much 
operating  capital,  and  his  bad  debts  will  probal)ly  be  twice  as 
great.  At  this  writing,  early  in  1920,  it  seems  obvious  that  the 
retailers  should  be  allowed  to  have  a  differential  fully  80  per  cent 


Retail  and  Wholesale  Prices 


63 


larger  than  before  the  war,  if  they  are  to  fare  as  well  as  most  other 
classes.  As  a  matter  of  fact,  the  retailers  now  seem  to  be  sell- 
ing ham  at  a  differential  of  about  18  cents  a  pound  over  the  whole- 
sale price  and  about  36  cents  a  pound  over  the  price  of  hogs.  In 
the  case  of  ham,  the  retailers  began  demanding  an  increased  mar- 
gin in  May  of  1917,  the  month  after  the  war  broke  out.  They  kept 
increasing  the  margin  as  opportunity  presented  itself,  but  not  till 
the  summer  of  1919  were  the  retailers  able  to  widen  out  the  dif- 


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Illustrating  how  the  differential  between  farmers'  price  and  wholesale  and  retail 
price  widens  in  proportion  to  the  higher  price  level. 

ferential  between  retail  and  wholesale  prices  sufficiently  to  cover 
the  cost  of  doing  business  on  a  price  level  twice  as  high  as  in  1914. 
The  facts  concerning  the  retail  price  of  ham,  wholesale  price 
of  ham,  and  price  of  hogs,  are  presented  in  the  accompanying 
chart.  Other  retail  prices  arc  given  in  the  appendix,  and  it  is 
possible  from  the  figures  there  presented  to  work  out  normal  dif- 
ferentials for  such  products  as  wheat  and  wheat  flour,  corn  and 
corn  meal,' sirloin  steak  and  cattle,  etc. 


PORK  EXPORTS  THE  BAROMETER  OF 
CORN  BELT  PROSPERITY 

FOR  years  we  have  exported  from  the  United  States  more  corn 
in  the  form  of  pork  than  in  the  form  of  shelled  corn  or  corn 
meal.  In  recent  3'ears  we  have  been  exporting  an  average  of  about 
40,000,000  bushels  of  corn  in  the  form  of  corn  and  corn  meal, 
whereas  we  have  been  exporting  the  equivalent  of  about  130,000,- 
000  bushels  of  corn  in  the  form  of  pork  products.  And  for  the 
Year  1919  we  exported  the  equivalent  of  about  350,000,000  bushels 
of  corn  in  the  form  of  pork. 

Tliere  is  an  extraordinary  sympathy  between  the  corn  and  hog 
industries.  True  it  is  that  we  feed  almost  as  much  corn  to  our 
horses  as  we  do  to  our  hogs,  but  the  corn  which  we  feed  to  horses 
is  for  the  purpose  of  keeping  the  farm  plant  running.The  corn  fed 
.to  horses  does  not  bring  in  direct  cash  returns  in  the  same  way  as 
the  coiln  fed  to  hogs.  Nearly  one-third  of  all  our  corn  is  fed  to 
hogs,  and  from  the  standpoint  of  market  strateg}^  this  third  which 
is  fed  to  hogs  counts  more  than  the  other  two-thirds.  The  demand 
for  the  other  two-thirds  by  horses  and  cattle  and  by  the  grist  mills 
of  the  towns  and  cities  is  practically  stationary  from  one  year  to 
the  next.  It  is  the  corn  which  is  fed  to  hogs  that  varies  so  greatly 
from  one  year  to  the  next. 

For  the  first  ten  months  of  1919,  the  value  of  the  pork  products 
exported  from  the  United  States  was  $778,000,000,  or  about  one- 
eighth  of  the  value  of  all  the  exports  from  the  United  States  for 
this  period.  The  only  other  product  of  practically  equal  magni- 
tude with  pork  products  was  cotton,  with  a  total  value  of  $775,- 
000,000  for  the  first  ten  months  of  1919.  Wheat  and  wheat 
flour,  which  most  people  think  rank  decidedly  above  the  value  of 
pork  products,  totaled  during  this  period  $556,000,000.  Com 
and  corn  meal  exports  during  this  period  were  worth  an  insignifi- 
cant $15,000,000.  Of  course  we  are  now  exporting  more  pork 
products  than  ever  before  in  history,  but  even  before  the  war  the 
corn  belt  expressed  itself  in  international  trade  pre-eminently  thru 
its  exports  of  pork  products.  The  ham,  bacon  and  lard  of  the 
com  belt  are  comparal)lc  with  the  wheat  of  the  northwest  and  the 
cotton  of  the  south. 

Before  the  war,  we  exported  every  year  the  equivalent  of  about 
five  or  six  million  hogs.  Last  year  we  exported  the  equivalent  of 
thirteen  or  fourteen  million  hogs,  nearly  one-fifth  of  our  total  pro- 


Pork  Exports  and  Corn  Belt  Prosperity  65 

duction.  Exports  dropped  off  during  September,  October  and  No- 
vember, but  this  is  a  customary  seasonal  occurrence,  and  there  is 
noAV  the  prospect  of  a  resumption  of  a  tremendous  exportation  of 
hog  products  during  the  winter  and  early  summer. 

The  two  charts  printed  herewith  indicate  the  very  close  con- 
nection between  pork  exports  and  profits  in  corn  raising.  The 
chart  giving  the  profits  and  losses  on  the  average  acre  of  corn  for 
the  past  forty-five  years  is  re-published  from  Wallaces'  Farmer  of 
May  17,  1918,  the  profits  for  the  j'ears  1918  and  1919  having  been 
added  since.  It  will  be  noted  that  the  other  chart  gives  the  exports 
of  hog  products  in  pounds  from  the  United  States  year  by  year. 
The  exports  are  in  fiscal  years,  ending  on  June  30th.  It  will  be 
noted  that  in  a  broad,  general  way,  there  is  a  considerable  relation- 
ship between  the  two  charts.  When  pork  exports  have  been  less 
tl'an  normal  for  a  year  or  two,  there  is  a  decided  tendency  for  corn 
to  become  unprofitable,  and  vice  versa.  Note  how  the  big  hog 
exports,  starting  in  1877  and  continuing  thru  1881,  were  accom- 
panied by  a  period  of  unusual  corn  profits.  Note  how  the  falling 
off  in  hog  exports,  starting  with  1882  and  continuing  until  1890, 
was  also  accompanied  by  unprofitable  corn  crops.  Then  there  was 
a  temporary  turn  for  the  better  in  both  corn  and  hog  exports  in 
1890  and  1891,  and  a  sag  in  both  until  1897,  when  hog  exports 
picked  up  and  continued  to  pick  up  to  a  very  marked  degree  for 
several  years,  tlie  diange  in  hog  exports  being  slowly  reflected  in 
corn  profits.  Generally  speaking,  pork  exports  seem  to  lead  the 
way,  and  corn  tags  along  behind.  During  the  war  years,  how- 
ever, corn  seemed  to  move  just  about  as  fast  as  hog  exports.  The 
first  year  of  really  heavy  hog  exports  was  the  year  ending  June 
30,  1916,  and  tlic  first  corn  crop  to  sell  unusully  high  was  that 
harvested  in  the  fall  of  1916.  The  corn  crops  of  1916,  1917,  1918 
and  1919  have  all  been  extraordinarily  profitable,  and  the  pork 
exports  during  these  same  years  have  been  unusually  heavy.  Un- 
questionably, there  is  a  very  close  relationship  between  hog  exports 
and  the  general  level  of  corn  prices.  We  do  not  mean  to  say  that 
there  is  a  month-by-month  relationsliip,  or  even  a  year-by-year 
relationship.  We  do  mean  to  say,  however,  that  it  is  impossible 
for  the  United  States  to  export  an  unusual  volume  of  hog  products 
without  sooner  or  later  raising  corn  prices.  It  may  take  a  3'ear 
or  two  for  the  effect  to  be  felt  by  corn,  but  sooner  or  later  the  in- 
fluence seems  to  be  inevitable. 

Heavy  hog  exports  make  for  higher  corn  prices,  and  higher 
corn  prices  make  for  higher  values  in  corn  belt  farm  land.  With- 
out much  question,  the  fundamental  cause  of  .corn  land  rising  so 


66 


Agricultural  Prices 


much  more  rapidly  than  land  in  other  sections  is  the  unusual  vol- 
ume of  pork  products  starting  with  the  year  1916.  It  would  have 
been  impossible  for  the  com  market  to  have  reached  or  sustained 


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its  high  altitude  without  the  prop  of  such  tremendous  hog  exports. 
In  view  of  the  evidence  presented,  we  make  bold  to  say  that  hog 
exports  furnish  a  most  delicate  barometer  of  corn  belt  prosperity. 


T'OKK    P^XPORTS    AND    CoRX    BeLT    PkOSPERITY 


67 


The  huge  vokime  of  pork  exports  during  the  past  three  years  is  the 
explanation  of  corn  belt  land  rising  faster  than  in  other  sections. 
Iowa  raises  twice  as  many  hogs  as  any  other  state,  and  this  doubt- 


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less  is  the  retison  wliy  land  in  Iowa  has  risen  faster  tlian  in  any 
other  state. 

What  of  the  future?  Is  there  any  chance  that  pork  exports  will 
maintairi  their  present  volume?     We  may  as  well  face  the  issue 


68  Agricultural  Prices 

squarely  and  come  to  the  conclusion  that  in  all  probability  pork 
exports,  within  three  or  four  years,  will  decline  to  about  one-third 
their  present  volume.  For  four  or  five  years  previous  to  the  war, 
the  tendency  of  pork  exports  was  somewhat  downward.  It  is  re- 
ported that  at  that  time  Great  Britain  was  buying  less  and  less  of 
her  hog  products  from  the  United  States,  and  that  she  was  thinking 
of  buying  more  and  more  of  her  coarser  quality  of  hog  products 
from  China.  At  the  present  time  there  is  considerable  Chinese 
bacon  on  the  English  market.  It  is  also  worth  while  to  note  in  this 
connection  that  the  English  consumption  of  meat  is  now  1,200,000 
tons,  which  is  600,000  tons  less  than  her  pre-war  consumption  of 
meat.  If  England  has  cut  down  on  her  meat  consumption  one-* 
third,  the  probabilities  are  that  the  continent  of  Europe  has  cut 
down  on  its  meat  consumption  one-half.  Probably  never  again 
will  the  world  eat  as  much  meat  per  capita  as  it  did  before  the  war. 
Whether  we  like  it  or  not,  we  may  as  well  face  the  probability  that 
our  pork  exports  are  on  the  decline,  and  will  not  stop  declining  un- 
til they  are  down  to  about  one-third  of  the  1919  volume. 

And  we  ma}'^  expect  that  this  decline  in  pork  exports  will  have 
some  influence  on  corn  prices,  and  therefore  on  corn  land  prices. 
The  future  situation  is  of  course  considerably  different  than  that 
which  has  existed  at  any  time  during  the  past  forty-five  years. 
The  volume  of  money  in  circulation  may  be  such  that  there  will  be 
no  actual  decline  in  corn  prices  or  in  corn  land  prices.  Just  the 
same,  we  ma}'  expect  that  the  unusually  favorable  position  which 
has  been  enjoyed  by  the  corn  belt  during  the  past  three  years  will 
disappear  with  the  decline  in  pork  exports. 

Previous  to  the  war,  Great  Britain  and  Germany  absorbed 
more  of  our  pork  exports  than  any  other  nations.  Great  Britain 
took  73  per  cent  of  our  pork  exports,  86  per  cent  ot"  our  exports 
of  hams  and  shoulders,  and  36  per  cent  of  our  lard  exports.  Ger- 
many took  30  per  cent  of  our  lard  exports  and  practically  nothing 
in  the  way  of  bacon,  hams  or  shoulders.  Cuba,  Holland  and  Bel- 
gium were  the  other  large  importers  of  American  hog  products, 
but  these  three  nations  together  required  only  about  one-tenth  as 
much  as  Great  Britain.  If  Great  Britain  cuts  down  her  consump- 
tion of  meat  to  two-thirds  what  it  was  before  the  war,  she  will  be 
much  more  nearlj'  self-supporting  from  a  meat  standpoint  than 
she  is  now,  and  probably  Avill  not  import  from  the  United  States 
more  than  one-half  as  much  meat  as  she  did  before  the  war.  Great 
Britain  owes  considerable  money  to  the  United  States,  and,  more- 
over, in  the  future  she  will  not  get  from  the  United  States  in  such 
large  measure  ocean  freight  charges  on  the  British  merchant  ma- 


Pork  Exports  and  Corn  Belt  Prosperity  69 

rine.  In  the  old  days,  Great  Britain  had  a  considerable  credit 
balance  coming  to  her  every  year  from  the  United  States,  and  she 
took  a  large  part  of  this  in  the  form  of  pork  products.  Now  that 
the  situation  is  reversed,  it  is  difficult  to  see  how  Great  Britain  can 
import  as  much  in  the  way  of  hog  products  from  the  United  States 
as  she  did  before  the  war.  True  it  is  that  for  the  year  1919  she 
has  imported  about  three  times  as  much  from  the  United  States 
as  before  the  war,  but  once  the  present  emergency  is  past,  it  seems 
obvious  that  Great  Britain  will  cut  her  pork  imports  down  to  the 
minimum. 

In  the  case  of  Germany,  the  situation  is  even  worse.  Germany, 
which  normally  took  150,000,000  pounds  of  lard  from  us  every 
year  before  the  war,  must  now  pay  the  allied  nations  an  indemnity 
every  year  of  at  least  $600,000,000.  In  order  to  pay  this  huge 
sum,  Germany  must  cut  her  imports  down  to  the  absolute  minimum, 
and  become  extraordinarily  efficient  in  exporting.  For  the  next 
two  or  three  years,  Germany  may  perhaps  import  more  lard  from 
us  than  she  did  before  the  war,  but,  as  rapidly  as  possible,  Ger- 
many will  re-establish  her  swine  industry  and  reduce  the  imports  of 
American  lard. 

We  may  be  painting  the  situation  too  black,  but  we  can  not  see 
how  our  pork  exports,  by  the  year  1925,  can  total  to  more  than 
800,000,000  or  possibly  900,000,000  pounds,  which  is  less  than 
one-third  the  1919  volume  of  exports.  Of  course,  another  war 
may  break  out  in  the  meantime,  or  some  other  extraordinary  thing 
may  happen,  but  in  the  ordinary  course  of  events,  it  would  seem 
that  our  pork  exports  must  inevitably  decrease  until  they  are  con- 
siderably less  than  the  pre-war  normal.  And  it  would  seem  that 
this  decrease  in  pork  exports  will  have  a  very  considerable  bearing; 
on  corn  prices,  which  will  in  turn  have  a  bearing  on  corn  land 
prices.  Again,  we  wish  to  say,  however,  that  we  do  not  neces- 
sarily believe  that  corn  land  in  1925  or  1930  will  be  selling  cheaper 
than  it  is  today.  Prices  of  all  kinds  doubtless  will  continue  to  be 
high  in  1925  and  1930,  for  the  simple  reason  that  inflated  currency 
the  world  over  will  still  continue.  The  point  we  are  tr^nng  to  make 
is  that  once  hog  exports  decline  to  the  pre-war  normal,  or  less, 
corn  belt  farming  will  cease  to  enjoy  the  unusual  advantage  which 
it  had  during  the  war.  It  ma}'  for  a  time  be  relativel}'  less  profit- 
able than  farming  in  certain  other  sections  of  the  United  States. 

There  are  many  curious  paradoxes  in  the  hog  export  trade  in 
the  United  States.  While  a  heavy  export  of  hog  products  sooner 
or  later  means  high  corn  prices,  high  hog  prices  and  corn  belt  pros- 
perity generally,  yet  as  a  usual  proposition,  heavy  hog  exports  do 


7C  Agkicultural  Prices 

not  start  except  in  times  of  unusually  low  hog  prices.  The  heavy 
exports  of  1877-1881  did  not  start  till  hogs  )iad  declined  below  $5  a 
hundred,  and  reached  their  height  while  hogs  were  $3  to  $1  a  hun- 
dred. In  1882,  when  hog  prices  climbed  to  over  $8  per  hundred 
on  the  Chicago  market,  hog  exports  promptly  fell  off,  and  did  not 
climb  again  until  hog  prices  again  went  below  $4  a  hundred,  in 
1890.  In  early  1893,  when  hog  prices  on  the  Chicago  market 
climbed  up  to  nearly  $8  a  hundred  again,  hog  exports  dropped  off 
very  suddenly.  They  did  not  pick  up  at  once  in  1896,  when  hog 
prices  went  under  $4  again,  but  did  pick  up  very  rapidly  in  1897 
and  1898,  during  both  of  which  years  hog  prices  on  the  Chicago 
market  were  under  $4  a  hundred  most  of  the  time.  In  1902,  there 
were  heavy  exports,  in  spite  of  the  fact  that  hog  prices  were  rela- 
tively high,  but  by  1903  the  British  apparently  had  had  enough  of 
buying  high-priced  pork  on  the  American  market,  and  they  cur- 
tailed their  importations  very  decidedl3%  Again,  in  1910,  the  ex- 
ceedingly high  prices  stopped  the  export  demand.  During  the 
past  three  years  there  have  been  unprecedented  exports  in  spite 
of  unusually  high  prices.  But  as  a  matter  of  fact,  hog  prices  in 
the  United  States  have  been  cheaper  during  the  past  three  years 
than  any  place  else  in  the  world.  We  have  been  selling  hogs  at 
a  great  bargain,  or  Great  Britain  would  not  have  bought  such  tre- 
mendous quantities  from  us. 

A  thoro  study  of  the  exports  of  the  United  States  month  by 
month  from  January,  1903,  thru  the  year  1914,  indicates  that 
there  is  a  continual  tendency  for  hog  exports  to  be  large  when  hog 
prices  are  low,  and  vice  versa.  The  correlation  coefficient  between 
hog  prices  and  hog  exports  is  minus  .52.  There  seems  to  be  a 
closer  correlation  between  hog  exports  and  hog  prices  than  between 
receipts  of  hogs  at  central  markets  and  hog  prices.  The  tendency 
has  been  for  hog  exports  to  be  40  per  cent  above  normal  when  hog 
pri«;es  are  15  per  cent  below  normal;  for  hog  exports  to  be  20  per 
cent  above  n'ormal  when  hog  prices  are  8  per  cent  below  normal, 
etc.  In  November  of  1919,  when  hog  exports  were  about  40  per 
cent  above  normal,  it  would  have  appeared,  therefore,  that  hog 
prices  were  about  15  per  cent  below  normal.  This  is  a  long-sAving 
tendency,  and  of  course  there  are  occasional  exceptions.  This  part 
of  the  problem  may  be  summed  up  to  the  effect  that  big  exports 
start  in  times  of  low  hog  prices,  and  that  these  exports  after  a  time 
stimulate  both  corn  and  hog  prices,  with  the  result  that  after  a  time 
both  corn  and  hogs  become  so  high  in  price  that  exports  dry  up, 
and  then  corn  and  hog  prices  weaken,  and  the  whole  thing  starts 
over  again.     There  was  a  continuous  series  of  these  cycles  previ- 


Pork  Exports  and  Corn  Belt  Prosperity  71 

ous  to  the  war,  and  it  is  to  be  expected,  now  that  the  war  is  over, 
that  the  phenomena  will  repeat  themselves,  altho  with  some  added 
variations. 

One  thing  we  must  remember  is  that  very  possibly  the  export 
trade  of  the  United  States  will  not  count  so  big  in  the  future  as  it 
has  in  the  past.  The  United  States  has  loaned  something  like 
$10,000,000,000  to  foreign  countries,  and  every  year  she  will  have 
hundreds  of  millions  of  dollars  in  interest  coming  her  way,  instead 
of  owing  hundreds  of  millions  of  dollars  to  countries  across  the 
water,  as  was  the  case  before  the  war.  And  as  long  as  the  United 
States  has  so  much  money  coming  to  her  in  interest  charges,  we 
must  expect  that  eventually  the  United  States  must  Import  more 
goods  than  she  exports.  This  docs  not  necessarily  mean  the  de- 
struction of  the  hog  industry  in  the  corn  belt,  but  it  may  mean  that 
It  will  have  to  shift  onto  a  somewhat  different  basis.  It  ma}'  be 
that  in  the  future  we  must  plan  on  growing  enough  hogs  only  to 
satisfy  the  needs  of  the  United  States,  carefully  avoiding  a  glut 
which  will  make  it  essential  to  export  any  large  quantity.  Or  it 
may  be  that  the  American  farmer  is  so  exceedingly  efficient  in  the 
business  of  producing  hogs  that  the  United  States  will  always  ex- 
port large  quantities  of  pork  products,  even  tho  the  balance  of 
trade  otherwise  is  against  the  United  States.  If  we  approach  the 
problem  from  the  standpoint  of  going  after  a  large  trade  in  hog 
products  with  foreign  countries,  Ave  must  put  ourselves  in  position 
to  produce  with  the  utmost  economy  possible.  "Price"  talks  in 
the  export  business,  and  we  shall  export  large  quantities  of  hog 
products  whenever  we  are  selling  hogs  decidedly  cheaper  than  the 
rest  of  the  world. 

Just  what  kind  of  a  whistle  do  we  want,  and  what  price  are  we 
willing  to  pay  for  it  ?  Here  is  a  problem  which  we  commend  to  the 
earnest  study  of  the  research  department  which  the  National  Farm 
Bureau  Federation  may  some  day  possess. 


CORN  BELT  LAND  VALUES  IN  RELATION 
TO  COST  OF  PRODUCING  CORN 

RENT  or  interest  on  the  monc}'  invested  in  land  is  a  legitimate 
item  in  cost  of  production — so  far  as  the  individual  farmer 
is  concerned.  But  society  is  likely  to  reach  a  time  when  it  will 
assert  the  right  to  object  to  paying  a  price  for  corn  which  will 
permit  of  paying  a  very  high  rent,  which  in  turn  is  used  to  support 
very  high  land  values. 

Society  may  say,  in  effect:  Your  high  land  values  are  just  as 
vicious  as  watered  railway  stock,  and  you  have  no  more  right  to 
expect  a  five  per  cent  return  on  the  inflated  value  than  the  rail- 
roads have  to  expect  such  a  return  on  their  watered  stock. 

Society  may  be  expected  to  pay  a  price  for  corn  which  is  estab- 
lished by  competition  between  farmers  in  this  country  and  in  the 
.Argentine,  and  by  the  need  of  Europe  for  our  pork  products. 
This  price  doubtless  will  bear  much  the  same  relation  to  the  general 
price  level  as  before  the  war.  It  may  be  high  enough  to  permit  of 
corn  belt  land  values  as  they  existed  in  1920,  or  even  higher  values. 
Or  it  may  be  low  enough  to  compel  a  reduction  in  corn  belt  values 
and  farm-hand  wages. 

In  the  case  of  a  severe  drop  in  corn  prices,  it  is  conceivable  but 
not  probable  that  corn  belt  farmers  will  organize  sufficiently  to 
compel  the  return  to  a  price  high  enough  to  maintain  1920  land 
values  and  farm-hand  wages. 

It  is  believed  that  under  conditions  of  free  competition  It  will 
be  necessary  for  corn  to  sell  for  about  85  cents  a  bushel,  on  a  basis 
of  December  1st  farm  valuations  in  the  corn  belt  in  the  ordinary 
crop  year,  in  order  to  maintain  land  values  as  they  existed  in  1930. 
This  means  that  prices  might  go  as  low  as  70  cents  a  bushel  in 
years  of  big  crops,  or  as  high  as  $1  in  years  of  small  crops.  It  is 
also  assumed  that  labor  at  harvest,  without  board,  will  settle  down 
to  about  $4<.2o  a  day,  which  was  the  1918  level.  If  labor  at  har- 
vest, without  board,  continues  at  $5  a  day,  which  was  the  1919 
level,  it  will  be  necessary  for  corn  to  sell  for  about  88  cents  a 
bushel,  on  a  December  1st  farm  basis,  in  order  to  maintain  the  1920 
level  of  land  values  and  farm-hand  wages. 

It  is  recognized  that  this  prediction  may  be  wide  of  the  mark 
in  case  farmers  are  able  to  organize  themselves  for  selfish  purposes 
as  effectively  as  capital  and  union  labor.  For  forty  years  pre- 
ceding the  war,  the  farmer  paid  his  regular  monthly  labor  a  sweat- 


CoKN  Belt  Land  Values  73 

cd  wage,  and,  in  effect,  sold  his  own  labor  just  as  cheaply.  During 
the  war,  the  farmer  had  a  taste  of  a  higher  standard  of  living,  and, 
having  had  this  taste,  he  will  be  loath  to  let  farm  product  prices 
slip  back  to  a  point  where  he  will  be  reduced  to  his  former  state  or 
even  lower. 

It  is  suggested  as  the  only  effective  way  out  of  the  difficulty 
that  farmers  organize  into  powerful  bargaining  organizations, 
which,  on  occasion,  can  practice  sabotage  as  skillfully  as  capital 
or  union  labor.  Hut,  in  addition,  and  above  all,  it  is  absolutely 
necessary  to  become  extraordinarily  efficient.  We  must  continue 
to  apply  our  best  brains  to  production  problems,  perfecting  meth- 
ods which  will  enable  us  to  produce  corn  10  cents  a  bushel  cheaper 
in  Iowa  than  in  Ariicntina. 


PRICE  STABILITY  AND  SOIL  FERTILITY 

ONE  of  the  strongest  arguments  for  more  stable  prices  is  the 
effect  on  soil  fertility.  While  the  best  farmers  will  try  to 
maintain  the  fertility  of  their  land,  no  matter  what  may  be  the  eco- 
nomic outlook,  the  bulk  of  our  farming  population  will  not  make 
any  serious  efforts  along  this  line  as  long  as  the  price  outlook  is 
uncertain.  When  prices  are  advancing,  the  tendency  is  for  mil- 
lions of  acres  of  farm  land  to  find  their  way  into  the  hands  of  spec- 
ulators and  investors,  who  hold  for  a  rise,  and  who  take  no  interest 
whatever  in  the  application  of  lime  and  phosphate  or  the  growing 
of  clover.  When  prices  are  tending  downward,  there  is  a  tendency 
to  economize  to  the  limit.  Even  those  farmers  who  normally  use 
fertilizers  are  likely  to  postpone  purchases  until  next  year  or  the 
year  after,  in  the  hope  of  lower  prices.  It  is  only  under  a  system 
of  relatively  stable  prices  that  we  may  expect  really  effective  at- 
tention to  be  given  to  soil  fertility  problems  by  the  bulk  of  our 
farmers.  The  quicker  we  can  get  onto  a  stable  price  level,  the 
more  effectively  will  the  fertility  of  our  soil  be  conserved. 

It  is  common  observation  that  live  stock  farming  maintains  the 
fertility  of  the  soil  more  effectively  than  grain  farming.  In  the 
com  belt,  live  stock  farms  ordinaril}'^  produce  five  bushels  more 
corn  per  acre  than  grain  farms.  Two  great  obstacles  to  live  stock 
farming  are  tenancy  and  price  uncertainty.  The  man  of  small 
means  who  has  been  farming  for  himself  for  only  a  few  years  can 
not  afford  to  take  a  chance.  He  does  not  know  whether  or  not 
hogs  will  be  at  a  price  next  year  v.hich  will  furnish  a  good  market 
for  com,  and  he  therefore  plays  safe  by  breeding  only  three  or  four 
sow^s,  instead  of  the  five  or  six  which  he  might  very  well  handle. 
Unquestionably,  the  farmers  in  the  corn  belt  would  be  justified  in 
keeping  more  live  stock  if  the  price  of  live  stock  should  represent 
cost  of  production  day  by  day  and  month  by  month.  In  fact, 
com  belt  farmers,  as  an  average  of  a  five-year  period,  could  prob- 
ably afford  to  produce  both  hogs  and  cattle  at  lower  relative  prices 
than  were  customary  before  the  war,  if  only  prices  were  more 
nearly  stable,  if  they  could  feel  reasonably  sure  of  getting  a  price 
more  nearly  representing  production  cost. 

The  maintenance  of  the  fertility  of  our  soil  is  a  matter  of 
national  concern.  In  the  long  run,  it  is  of  more  vital  interest  to 
the  people  of  tlie  cities  than  to  the  fanner.  ]Mcn  engaged  in  indus- 
trial enterprises  should  do  what  they  can  to  favor  such  adjustment 


Measuring  Total  Crop  Production 


75 


of  prices  as  will  make  it  to  the  advantage  of  the  farmer  to  keep 
his  land  in  good  heart,  because  that  will  make  for  larger  production 
and  more  economical  production. 


MEASURING  TOTAL  CROP  PRODUCTION 

THIS  chajiter  does  not  follow  the  same  line  of  thought  as  the 
other  chapters.  It  has  an  indirect  bearing,  however,  and 
we  believe  the  suggested  method  of  measuring  total  crop  production 
to  be  of  some  value. 

Small  crops  ordinarily  bring  the  farming  class  more  money 
than  large  crops.  Nevertheless,  in  the  long  run  big  crops  mean 
prosperity  to  the  country  as  a  whole.  To  judge  just  when  crops 
as  a  whole  are  large  and  when  they  are  small,  a  method  has  been 
devised,  which  may  be  illustrated  as  follows  : 

In  1918,  the  United  States  produced  2,582,814,000  bushels  of 
corn,  917,100,000  bushels  of  wheat,  89,833,000  tons  of  hay,  11,- 
700,000  bales  of  cotton,  etc.  Now,  to  ascertain  total  crop  produc- 
tion, it  is  obviously  impossible  to  add  together  bushels,  tons,  bales, 
etc.  Wc  can  add  together  the  value  of  the  crops,  but  the  price 
level  shifts  from  year  to  year,  and  this  method  is  not  satisfactory. 

Now,  the  1907-l9l6  ten-^^ear  average  price  of  corn  was  61 
cents,  of  wheat  96.2  cents,  of  hay  $11.49  a  ton,  of  cotton  $59  a 
bale,  etc.  A  ten-year  average  illustrates  the  relative  economic 
emphasis.  These  prices  are  therefore  used  as  constant  factors, 
applicable  to  any  crop  year. 

The  1918  corn  crop  of  2,582,814,000  bushels,  converted  into 
economic  crop  units  by  multiplying  by  61,  equals  157,500,000,000. 
The  1918  wheat  crop  of  917,100,000  bushels,  multiplied  by  96.2, 
<;quals  63,600,000,000.  The  same  thing  done  with  the  thirteen 
leading  crops  gives  559,900,000,000  crop  units  produced  by  the 
United  States  in  1918,  or  5,270  crop  units  per  capita. 

The  per  capita  production  of  crop  units  since  1880  has  been 
AS  follows : 


1880 5,360 

1881 4,280 

1882 5,330 

1883 5,120 

1884 5,560 

1885 5,250 

1886 4,970 

1887 4,690 

1888 5.240 

1889 5,910 

Decade 
Averages,    "5,171 


1890 4,720 

1891 5,820 

1892 4,840 

1893 4.710 

1894 4,030 

1895 4,980 

1896 5.170 

1897 5.070 

1898 5,360 

1899 5,760 

5.046 


1900 5,820 

1901 4,470 

1902 5,480 

1903 ,.4.930 

1904 5.220 

1905 5,200 

1906 5,560 

1907 4,940 

1908 5,220 

1909 5,100 

5.194 


1910 5,320 

1911 4,850 

1912 5,690 

1913 4,950 

1914 5,410 

1915 5,770 

1916 4,940 

1917 5,530 

1918 5,270 

1919 5,400 

5.313 


76  Agricultural  Prices 

Note  how  constant  has  been  the  productive  power  of  the  United 
States  in  economic  crop  units  per  capita,  decade  by  decade,  since 
1880.  Note  that  since  1910  crop  production  has  more  than  kept 
pace  with  the  increase  in  popuhition. 

In  the  '80's  wc  exported  the  equivalent  of  about  650  economic 
crop  units  per  capita  (in  this  we  convert  pork  exports  into  corn), 
which  left,  roughly,  4.500  economic  crop  units  per  capita  for  home 
consumption.  In  the  fiscal  year  ending  Juno  80,  1919,  we  ex- 
ported about  750  economic  crop  units  per  capita,  which  left, 
roughl}',  4,500  economic  crop  units  of  the  1918  crop  for  home  con- 
sumption. During  the  decade  ending  1919  there  has  been  an  aver- 
age of  about  4,800  economic  crop  units  per  capita  left  for  home 
consumption.  It  was  probably  necessary  to  retain  more  economic 
crop  units  per  capita  at  home  during  the  last  decade  than  during 
the  '80's,  because  of  the  smaller  live  stock  production  per  capita. 

From  the  standpoint  of  production  per  farm,  there  has  been 
a  tremendous  increase  every  decade.  As  an  average  of  1880-1889, 
the  production  per  farm  was  66,420  units,  as  compared  with  67,990 
units  for  the  1890-1899  decade,  71,600  units  for  the  1900-1909 
decade,  and  81,000  units  for  the  1910-1919  decade.  In  response 
to  the  higher  price  level,  the  productivity  of  the  average  farm  has 
constantly  been  increasing.  If  both  the  general  price  level  and 
the  price  of  farm  crops  had  been  the  same  in  the  1910-1919  decade 
as  in  the  1900-1909  decade,  the  probabilities  are  that  the  average 
production  per  farm  would  have  been  about  73,000  economic  crop 
units  instead  of  81,000.  If  by  the  1940-1949  decade  we  have  a 
population  of  150,000,000,  and  if  Dun's  index  number  at  that  time 
is  $170,  it  will  be  necessary  to  pay  at  Chicago  an  average  of  about 
$1.80  for  wheat,  $1.15  for  corn,  and  65  cents  for  oats,  in  order 
to  call  forth  as  much  production  per  capita  as  was  called  forth 
by  the  prices  paid  during  the  past  forty  years.  When  Dun's  in- 
dex number  is  as  low  as  $170  (at  this  waiting,  in  early  1920,  it  is 
$244),  $1.80  for  wheat,  etc.,  will  be  very  high  relatively.  Rather 
than  pay  such  a  high  relative  price,  the  consumers  of  the  United 
States  will  probably  turn  to  Argentina  and  other  countries  where 
farmers  produce  food  cheaply  by  living  on  a  lower  standard.  The 
position  of  the  United  States,  rising  out  of  the  world  war,  whereby 
she  is  the  creditor  nation  of  the  world,  will  favor  food  importa- 
tions. 

It  is  a  commonplace  among  business  men  that  good  crops  mean 
good  business.  The  effect,  however,  is  not  as  close  as  they  imag- 
ine. The  short  crop  of  1901  did  not  affect  the  business  world 
till  1903  and  1904.     The  short  crops  of  1892,  1893  and  1894  did 


Measuring  Total  Croi'  Production  77 

not  have  full  effect  till  1895  and  1896.  A  single  crop  year  which 
is  only  slightly  below  average  may  have  no  effect  whatever  on 
business.  But  when  three  crop  years  average  below  normal,  there 
is  almost  certain  to  be  some  effect  on  business.  From  1903  to 
1919,  the  correlation  between  crops  and  the  price  of  securities  on 
the  stock  exchange  was  about  .53.  Professor  H.  L.  Moore,  in  his 
book  on  "Economic  Cycles,"  finds  between  crop  yields  per  acre  and 
pig  iron  production  a  correlation  coefficient  of  .72,  pig  iron  pro- 
duction lagging  about  a  year  behind  crops. 

Big  crops  do  mean  good  business,  altho  the}'  mean  prosperity 
to  the  farming  class  chiefly  in  an  indirect  way.  A  small  crop 
generally  brings  farmers  more  money  than  a  large  crop,  but  small 
crops  over  a  period  of  two  or  three  years  cause  business  depression 
and  this  reacts  on  farmers. 

The  problem  of  both  business  men  and  farmers  is  to  devise  some 
means  of  giving  farmers  as  a  class  a  financial  interest  in  producing 
big  crops  rather  than  small  crops. 


iiiiiiiyiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiuiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii 


Part  II 


lllllllllllllllllll: 


llllllllllllllll 


MATHEMATICAL  STUDY  OF  SUPPLY  AND 
DEMAND  IN  THE  HOG  MARKET 

MATHEMATICAL  formulation  of  price-making  factors  is 
necessary  in  order  to  know  when  extraordinary  or  strategic 
considerations  arc  influencing  the  market.  The  mathematical 
methods  are  lu'ghly  technical,  and  in  order  to  explain  most  clearly 
we  shall  follow  a  specific  problem  thru  from  beginning  to  end. 

The  problem  is  to  determine  the  price  of  hogs  from  hog  re- 
ceipts (supply)  and  from  business  conditions  (demand).  To  rep- 
resent business  conditions,  we  are  using  bank  clearings  outside  of 
New  York  City.  The  actual  figures  for  heavy  hog  prices  at  Chi- 
cago arc  given  in  the  Appendix.  Hog  receipts  at  Chicago  and  bank 
clearings  outside  of  New  York  City  are  given  on  pages  81  and  8^. 
The  problem  is  to  evolve  from  these  figures  the  law  of  hog  prices. 

The  first  step  is  to  determine  the  secular  or  long-time  trend  of 
these  figures.  Find,  for  example,  the  secular  trend  of  such  a 
series  as : 


1901 

2 

1904 

5 

1907 

4 

1902 

3 

1905 

2 

1908 

6 

1903 

2 

1906 

6 

1909 

6 

From  looking  at  these  figures,  we  know  that  the  secular  trend 
slopes  upward,  starting  with  about  2  in  1901,  reaching  3  or  4  by 
1905,  and  5  or  6  by  1909.  To  express  the  matter  with  mathemat- 
ical accurac}',  the  method  as  applied  to  this  series  is  as  follows : 
First  add  all  the  figures  together.  Answer  in  this  case,  36.  Then 
divide  b}'  the  number  of  figures — in  this  case  9.  Thirty-six  divid- 
ed by  9  gives  4,  which  is  the  value  of  the  secular  trend  for  1905, 
which  is  the  central  year. 

The  year  1904  is  the  —1  year,  1903  the  —2  year,  1902  the 
— 3  year,  1901  the  — 4  3'car,  and  in  like  manner  1906  is  the  +1 
year,  1907  the  +2  year,  1908  the  +3  year  and  1909  the  +4  year. 
jNIultiply  the  minus  3'cars  by  their  respective  values:  — 1  by  5, 
— 2  by  2,  — 3  by  3  and  — 4  by  2,  and  also  the  plus  years,  +1  by 
6,  +2  by  4,  +3  by  6  and  +4  by  6.  The  totals  are  —26  and  +06, 
or  a  net  of  +30.  Now  the  sum  of  the  squares  of  — 1,  — 2,  — 3, 
—4,  +1,  +2,  +3  and  +4  is  60.  Sixty  divided  into  30  gives  .5, 
which  is  the  rate  of  movement  of  the  secular  trend  each  year,  or  if, 
as  we  found,  4  is  the  secular  trend  value  for  1905,  then  3.5  is  the 
value  for  1904,  3.0  for  1903,  2.5  for  1902,  and  2.0  for  1901,  and 
in  like  manner  4.5  for  1906,  5.0  for  1907,  5.5  for  1908  and  6  for 


82 


A  G  U  lev  I-T  U  UAL    P  lU  C  ES 


BANK    CLEARINGS   OF   THE    UNITED   STATES   OUTSIDE 
NEW  YORK  CITY. 

(7  ciphers  omitted) 


1903. 

1904. 

1905. 

1906. 

1907. 

1908. 

1909. 

1910. 

1911. 

1912. 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

Jan.    .  . 

390 

376 

411 

510 

542 

463 

516 

591 

597 

623 

Feb.  . 

323 

330 

353 

415 

449 

388 

437 

498 

497 

566 

Mar. 

358 

359 

419 

463 

510 

430 

513 

600 

585 

604 

Apr. 

364 

353 

405 

436 

499 

430 

507 

570 

543 

614 

May- 

354 

339 

418 

444 

507 

421 

491 

537 

557 

604 

June 

368 

350 

408 

443 

479 

419 

504 

548 

562 

567 

July 

379 

348 

403 

440 

506 

448 

515 

543 

555 

602 

Aug. 

326 

336 

392 

432 

467 

404 

482 

508 

528 

572 

Sep. 

338 

350 

403 

420 

454 

434 

506 

516 

542 

564 

Oct. 

394 

405 

460 

521 

561 

491 

582 

592 

606 

701 

Nov. 

356 

418 

461 

505 

418 

480 

572 

582 

603 

655 

Dec. 

380 

430 

476 

504 

406 

512 

594 

591 

609 

655 

Totals   1  4330 

4394 

5009 

5533 

5798 

5320 

6219 

6676 

6784 

7327 

BANK   CLEARINGS   OF  THE   UNITED   STATES   OUTSIDE 
NEW  YORK  CITY— Continued. 

(7  ciphers  omitted) 


1 
1913.  1914. 

1 

1915. 

1916. 

1917. 

1918. 

1919. 

1920. 

1921. 

1922. 

Jan. 
Feb. 
Mar. 
Apr. 
May 
June 
July 
Aug. 
Sep. 
Oct. 
Nov. 
Dec. 

$ 

693 
584 
628 
626 
618 
598 
621 
563 
599 
703 
631 
1   668 

$ 

683 

563 

640 

635 

593 

610 

631 

535 

540 

613 

568 

611 

$ 

620 

543 

628 

620 

599 

610 

623 

573 

614 

741 

756 

797 

$ 

781 

719 

820 

775 

816 

810 

799 

805 

850 

1002 

1016 

1036 

$ 
1051 

884 
1056 
1036 
1073 
1064 
1048 
1041 
1015 
1254 
1239 
1192 

$ 
1182 
1000 
1224 
1239 
1271 
1246 
1324 
1320 
1271 
1516 
1375 
1415 

$ 
1456 
1160 
1359 
1326 
1428 
1449 
1562 
1516 
1598 
1809 
1672 
1576 

$ 

$ 

$ 

Totals   1  7532  7222|  7724|  10229 

12953 

153831  17909 

* 

IMathematicai.  Study  of  Supply  and  Demand 


83 


RECEIPTS  OF   HOGS  AT  CHICAGO   IN   MILLIONS  OF   POUNDS. 

(000,000  omitted) 


1903. 

1904. 

1905. 

1906. 

1907. 

1908. 

1909. 

1910. 

1911. 

1912. 

Jan.  .  .  . 

170 

179 

198 

195 

180 

239 

166 

119 

115 

187 

Feb. 

144 

174 

152 

158 

151 

184 

141 

122 

150 

172 

Mar. 

112 

126 

143 

135 

132 

153 

152 

86 

168 

143 

Apr. 

117 

116 

121 

111 

136 

108 

102 

74 

125 

129 

May 

130 

124 

143 

127 

152 

132 

123 

110 

154 

146 

June 

156 

128 

139 

141 

139 

136 

113 

120 

132 

128 

July 

128 

79 

115 

135 

147 

118 

101 

96 

118 

125 

Aug. 

133 

120 

115 

138 

128 

105 

92 

112 

116 

103 

Sep. 

120 

87 

115 

113 

121 

83 

82 

92 

99 

95 

Oct. 

109 

110 

135 

121 

104 

131 

91 

107 

124 

118 

Nov. 

145 

164 

162 

127 

99 

174 

127 

127 

144 

127 

Dec. 

194 

184 

178 

148 

172 

184 

138 

136 

145 

147 

Totals   1  1,658! 

1.591 

1,716 

1,649 

1,661 

1,747 

1,428 

1,301 

1,590 

1,620 

RECEIPTS  OF  HOGS  AT  CHICAGO  IN  MILLIONS  OF  POUNDS. 

Continued. 

(000,000  omitted) 


1913. 

1914. 

1915. 

1916. 

1917. 

1918. 

1919. 

1920. 

1921. 

1922. 

Jan. 

Feb. 

Mar. 

Apr. 

May 

June 

July 

Aug. 

Sep. 

Oct. 

Nov. 

Dec. 

182 
149 
141 
i   129 
133 
149 
126 
132 
131 
134 
133 
189 

157 
145 
127 
103 
110 
139 
112 
102 

90 
119 

95 
226 

200 
166 
149 
109 
132 
130 
122 
109 
97 
85 
152 
223 

239 
193 
157 
119 
135 
128 
122 
136 
106 
164 
207 
218 

224 

162 

131 

116 

127 

114 

110 

79 

58 

92 

146 

168 

157 
212 
232 
190 
157 
121 
153 
105 
98 
159 
202 
223 

256 
212 
155 
147 
163 
182 
146 
96 
110 
135 
182 
234 

Totals   !  1,728|  1,525 

1,674 

1,924 

1,527 

2,009 

2,018 

Si  Agricultural  Prices 

1909.  The  secular  trend  is  a  straight  line,  and  the  actual  goes 
above  and'below  the  secular  trend  in  more  or  less  wave-like  fashion. 
In  Chart  I,  the  straight  line  is  the  secular  trend  of  heavy  hog  prices 
at  Chicago  for  1903-1916,  and  the  irregular  line  fluctuating  above 
and  below  is  the  actual  price  of  heavy  hogs. 

The  next  problem  is  to  eliminate  the  normal  seasonal  varia- 
tion. For  example,  hog  prices  have  a  normal  tendency  to  go  down 
in  the  fall  of  the  year,  whereas  bank  clearings  have  an  equally 
normal  tendency  to  go  up.  Obviously,  seasonal  trends  must  be 
eliminated  if  such  series  as  hog  prices  and  bank  clearings  arc  to 
be  compared. 

As  an  average  of  the  fourteen  years  from  1903  to  1916,  inclu- 
sive, heavy  hog  prices  at  Chicago  averaged  in  January,  $6.54; 
February,  $6.83;  March,  $7.22;  April,  $7.30;  May,  $7.10;  June, 
$7.10;  July,  $7.18;  August,  $7.14;  September,  $7.29;  October 
$7.08;  November,  $6.65;  December,  $6.55;  average  for  the  entire 
year,  $7.  On  this  basis,  January  is  93  per  cent  of  the  yearly 
average;  February,  98  per  cent;  March,  103  per  cent;  April,  104 
per  cent;  May,  101  per  cent;  June,  101  per  cent;  July,  103  per 
cent;  August,  102  per  cent;  September,  104  per  cent;  October, 
101  per  cent;  November,  95  per  cent,  and  December,  94  per  cent. 
The  December  average  for  1902-1915  is  $6.30,  or  90  per  cent. 
Obviously,  the  seasonal  variation  as  just  stated  in  percentages  is 
affected  to  some  extent  by  the  secular  trend,  for  the  Decembers  of 
1902-1915  average  90  per  cent,  and  those  of  1903-1916  average 
94  per  cent.  Taking  the  secular  trend  out  of  our  seasonal,  or 
adding  2  points  to  the  early  months  of  the  year  and  subtracting  2 
points  from  the  last  months  of  the  year,  we  get  approximately 
January,  95 ;  February,  99 ;  March,  104 ;  April,  105 ;  May,  102 
June,  101 ;  July,  103 ;  August,  102 ;  September,  103  ;  October,  100 
November,  94,  and  December,  92.* 

Hog  receipts  at  Chicago,  in  the  same  manner,  have  a  modified 
seasonal  factor  of  January,  132  per  cent;  February,  117  per  cent; 
^larch,  102  per  cent;  April,  85  per  cent;  May,  99  per  cent;  June, 
99  per  cent ;  July,  87  per  cent ;  August,  87  per  cent ;  September,  74 
per  cent;  October,  86  per  cent;  November,  103  per  cent;  Decem- 
ber, 129  per  cent. 

For  bank  clearings  outside  of  New  York  City,  the  modified 
seasonal  factors  are:    January,  109;  February,  93;  March,  104; 


♦The  link  relative  method  of  finding  the  normal  seasonal  variation,  as 
used  by  Warren  M.  Persons,  in  the  January,  1919,  Review  of  Economic 
Statistics,  is  far  more  difficult  than  the  method  here  used,  and  for  our 
purposes  is  not  worth  while. 


Mathematical  Study  of  Suppia'  axd  Demand  85 

April,  100 ;  May,  99 ;  June,  97 ;  July,  98 ;  August,  90 ;  September, 
93;  October,  108;  November,  103,  and  December,  106. 

After  securing  normal  seasonal  variation,  the  next  step  is  to 
modify  secular  trend  for  seasonal  variation.  Secular  trend  of  hog 
prices,  as  modified  seasonally,  is  portrayed  in  Chart  II.  The  sec- 
ular trend  price  of  hogs  in  January,  1903,  is  $.5.19,  which  sum, 
nmltiplied  by  the  seasonal  factor  96,  gives  $4-. 98  as  the  secular 
price  of  hogs  modified  seasonally  for  January,  1903.  The  actual 
price  was  $6.60,  or  $1.62  above  the  secular  modified  seasonally,  or 
31  per  cent  greater  than  the  secular  price  of  $5.19.  In  this  way 
the  percentage  of  departure  for  each  month  from  1903  thru  1916 
may  be  figured.  This  has  been  done  for  hog  prices,  hog  receipts 
and  bank  clearings  outside  of  New  York  City.* 

Now,  as  it  happens,  hog  receipts  are  a  much  more  violently 
fluctuating  series  than  bank  clearings  outside  of  New  York  City. 
To  put  the  series  on  an  even  footing,  resort  is  made  to  what  is 
known  as  the  standard  deviation.  To  secure  the  standard  devia- 
tion of  hog  price  percentage  departures,  add  up  the  squares  of 
these  departures.  The  total  for  the  168  months  from  1903  thru 
1916  is  31,894,  or,  dividing  by  168,  we  get  190.  The  square  root 
of  190  is  13.8,  which  is  the  standard  deviation  of  hog  prices. 
Standard  deviation  means  that  the  probabilities  are  that  on  the 
average  not  more  than  one  out  of  three  of  the  series  of  figures  an- 
dcr  consideration  will  exceed  the  standard  deviation.  Standard 
deviation  for  hog  receipts  is  15,  and  for  bank  clearings  8.7.  This 
indicates  that  hog  receipts  depart  from  the  secular  trend  as  modi- 
fied seasonally  with  nearly  twice  as  great  violence  as  do  bank 
clearings. 

To  put  all  three  series  on  the  same  footing,  we  divide  the  per- 
centage departures  by  the  standard  deviation,  13.8  in  the  case  of 
hog  prices,  15  in  the  case  of  hog  receipts,  and  8.7  in  the  case  of 
bank  clearings.  In  January  of  1903,  for  example,  hog  prices 
were  greater  than  the  secular  modified  seasonally  by  2.3  times  the 
standard  deviation ;  hog  receipts  were  less  b}^  .3  of  the  standard 


*Warren  M.  Persons,  in  a  footnote  on  page  35  of  the  January,  1919, 
Review  of  Economic  Statistics,  expresses  the  method  of  ascertaining  per- 
centage departure  from  the  secular  trend  in  mathematical  symbols  as 
follows:  "l^t  the  oriirinal  series  heyriniiin^r  witli  January  be  Xi,  X2,  Xs, 
.  .  .  .  X„,  the  ordinates  of  secular  trend  be  d,  O2,  O3,  ....  On, 
anil  the  adjusted  indices  of  seasonal  variation  for  twelve  months  be 
'^it  f?2.  ^3)  •  .  ■  ■  !^i2  per  cent,  respectively.  Then  the  items  for  secular 
trend  and  seasonal  variation  are: 

X, -S,  O,        X2-P,  O2        X3-S3O3  X3-S.  0„ 

O,         '  Oa         '  O,         '      '  "  '  0,3  etc." 


86 


Agricultueal  Prices 


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Mathp;matical  Study  of  Supply  axd  Demand 


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88 


Agricultural  Prices 


deviation,  and  bank  clearings  were  over  by  .9  of  the  standard  devi- 
ation. The  cycles  of  the  hog  prices,  hog  receipts  and  bank  clear- 
ings, as  secured  in  this  way  by  reducing  for  standard  deviation, 
are  comparable.     The  results  are  charted  in  Charts  III,  IV,  V. 

It  may  be  seen  from  examining  these  charts  that  hog  prices 
seem  to  be  related  directly  to  bank  clearings  and  inversely  to  hog 
receipts.  The  problem  is:  Blend  hog  receipts  and  bank  clear- 
ings together  in  such  a  way  as  to  secure  hog  prices.  The  mathe- 
matical method  of  approach  is  by  correlation  coefficients  and  lines 
of  regression. 

First,  a  simple  illustration  of  the  method  of  securing  correla- 
tion coefficients : 

Take  the  two  series,  A  and  B,  which  deviate  from  their  respec- 
tive means  by  the  amounts  stated  in  Columns  2  and  3,  In  Column 
1  is  the  year,  which  has  nothing  to  do  with  the  mathematics  of  the 
case.  Column  4  is  A  squared.  Column  5  is  B  squared,  and  Column 
6  is  A  multiplied  by  B. 


1 

. 

3 

4' 

5 

6 

< 

cq 

73 

13 

u 

a 

3 
C 
to 

03 
0) 

a 

< 

1901 

—3 

+2 

—5 

+1 
4-3 
+  1 

9 

1 

4 

4 

18 

25 
1 
9 

1 
36 

+  15 
— 1 

1902 

1903 

+6 

1904 

4-2 

Sum 

-1-22 

The  standard  deviation  of  A  is  the  square  root  of  the  sum  of 
the  A  squares,  or  18,  divided  by  4.  The  square  root  of  18  divided 
by  4  is  2.1.  Standard  deviation  of  B,  in  like  manner,  is  3.  The 
sum  of  AB  divided  by  4,  or  +22  divided  by  4,  equals  +5.5.  The 
correlation  coefficient  is  +5.5  divided  by  the  standard  deviation 
of  A  multiplied  by  the  standard  deviation  of  B,  or  5.5  divided  by 
6.3,  which  gives  +.87.  A  correlation  coefficient  of  .87  is  very 
high,  perfect  correlation  being  1.  Correlation  over  .5  is  consid- 
ered fairly  good,  especially  if  there  is  a  long  list  (fifty  or  more) 
of  figures  in  each  series. 

The  formula  for  determining  A  in  terms  of  B  is : 


A  equals  r B 

(T 

b 


Mathematical  Study  of  Supply  and  Demand 


89 


In  this  formula,  r  is  the  correlation  coefficient  and  o-a  is  the 
standard  deviation  of  A,  and  ^b  is  the  standard  deviation  of  B.  Sub- 
stituting for  the  specific  problem,  we  get : 


2.1 

A  equals  .87  

3.0 
A  equals  .609  B 


B  or 


When  B  is  — 5  we  would  expect  A  to  be  3.05 ;  when  B  is  +1  we 
would  expect  A  to  be  +.609;  when  B  is  +  3,  we  would  expect  A  to 
be  1.827. 

Suppose  now,  in  addition,  that  there  are  three  series:  A,  B  and 
C,  and  that  the  object  is  to  determine  A  in  terms  of  B  and  C.  The 
three  series  stand: 


A 

B 

C 

1901 

—3 
—1 

+  2 
+  2 

—5 

+  1 
+3 

+  1 

+  2 

1902 

+  3 

1903 

— 3 

1904 

—2 

We  already  know  that  the  standard  deviation  of  A  is  2.1,  and 
of  B  is  3.0,  and  that  the  correlation  coefficient  between  A  and  B 
is  +.87.  Using  the  customary  method,  wc  find  that  the  standard 
deviation  of  C  is  2.55  and  tliat  the  correlation  coefficient  of  A  and 
C  is  —.89,  and  of  B  and  C  —.59.  To  find  A  in  terms  of  B  and 
C,  we  use  the  following  formula : 

lib  —    ac  rbo      ^a 
A  equals • —    !> 

^  ~  '■'be         <^1) 


+ 


ah  'be 


In  this   formula  ''ab   means   correlation  coefficient   between  A 
and  B,  etc. ;  aa.  means  standard  deviation  of  A. 
Substituting,  we  get : 

+  .87  —  .53     2.1        —.89    +   .51     2.1 

A  equals B C 

.65  3.0  .65  2.55 

or,  A  equals  .37  B  —  .49  C 

Applying  this  formula,  we  find  that  when  C  is  +2  and  B  is  — 5, 
as  in  the  year  1901,  we  would  expect  A  to  be  — 2.83,  and  when  C 


90 


Agiucultuual  Pricks 


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Mathematical  Studv  of  Supply  and  Demand  93 

is  +3  and  B  is  +1,  as  in  1902,  we  would  expect  A  to  he  — 1.1.  In 
like  manner,  in  1903,  we  would  expect  A  to  be  +2.60  and  in  1904* 
+  1.35. 

The  results  expressed  in  a  table  are: 


Actual 
A 

A  as  predicted  by 

formula  from 

Band  C 

1901 

—3 
—1 

+2 
+2 

—2.83 

1902 

—1.10 

1903 

+  2.60 

1904 

+  1.35 

The  practical  problem  is  to  express  hog  prices  in  terms  of  hog 
receipts  and  bank  clearings.  Practically  the  same  method  is  used 
with  the  168  months  from  1903  thru  1916,  as  with  the  four  years 
which  have  just  been  used  for  illustration. 

The  standard  deviations  are  10.1  for  hog  receipts,  10.5  for  hog 
prices  and  9.8  for  bank  clearings.  The  correlation  coefficients 
are  +.39  between  hog  prices  and  bank  clearings,  +.26  between 
hog  receipts  and  bank  clearings,  and  — A  between  hog  receipts  and 
hog  prices. 

Using  the  formula : 

A  equals  r B 


and  allowing  A  to  represent  hog  prices  and  B  to  represent  bank 
clearings,  ^^■e  get : 

10.5 

Hog  prices  equal  .39  bank  clearings,  or 

9.8 
Hog  prices  equal  .417  bank  clearings 

This    formula   is   converted   back   into   percentage   departures 
from  secular  trend  modified  seasonally,  and  finally  into  hog  prices 
as  affected  by  bank  clearings.      The  demand,  or  bank  clearing, 
price,  of  hogs  as  compared  with  the  actual  is  shown  in  Chart  VI. 
In  like  manner  we  get : 

10.5 

Hog  prices  equal  — .4 hog  receipts,  or 

10.1 
Hog  prices  equal  —.426  hog  receipts 

This  formula  is  converted  back  into  percentage  departures 
from  the  secular  trend  modified  seasonally,  and  finally  into  hog 
prices  as  affected  by  hog  receipts.  The  supply  price  of  hogs  as 
compared  with  the  actual  is  shown  in  Chart  VH. 

Using  tlie  longer  formula  on  page  89,  we  get :  Hog  prices 
equal  .56' bank  clearings  minus  .56  hog  receipts.      Or  converted 


94 


Agricultural  Prices 


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Mathematical  Study  of  Supply  and  Demand 


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96 


Agricultural  Prices 


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Mathematical  Study  of  Supply  axd  Demand  9T 

into  percentage  departures  from  the  secular  trend  corrected  sea- 
sonally: .90  of  bank  clearings  in  percentage  departures  minus  .51 
of  hog  receipts  in  percentage  departures  equals  the  percentage 
which  hog  prices  depart  from  their  secular  corrected  seasonally. 
For  instance,  in  January,  1903,  bank  clearings  were  8  per  cent 
above  the  secular  corrected  seasonally,  and  hog  receipts  were  5  per 
cent  below.  Eight  times  .90  plus  5  times  .51  gives  9.7  as  the  per- 
centage which  we  would  expect  hog  prices  to  be  over  their  secular 
corrected  seasonally.  The  secular  for  January,  1903,  was  $5.19; 
9.7  per  cent  of  $5.19  gives  50  cents.  The  secular  corrected  sea- 
sonally for  January,  1903,  is  $4.98.  Add  50  cents  to  $4.98  and 
we  get  $5.48  as  the  price  which  we  would  have  expected  heavy  hogs 
to  sell  at  Chicago  in  January,  1903,  on  the  basis  of  good  business 
and  small  hog  receipts.  Actually,  hogs  sold  for  $6.60,  or  $1.12 
over  the  price  predicted  by  formula. 

This  is  done  for  all  the  months  from  1903  to  1916,  and  the 
supply-and-demand  price  of  hogs,  as  derived  from  hog  receipts  at 
Chicago  and  bank  clearings  outside  of  New  York  is  charted  in 
Chart  VIII,  in  comparison  with  the  actual  prices. 


PREDICTING  THE  FUTURE  OF  HOG  PRICES 

WE  ASSUME  that  at  the  present  time,  and  probably  for  some 
time  to  come,  we  are  on  a  basis  of  90  per  cent  above  1913 
for  hog  prices,  and  100  per  cent  over  1913  in  bank  clearings.  This 
conclusion  is  based  to  some  extent  on  the  reasoning  presented  in 
the  June  monthly  supplement  of  the  Harvard  Review  of  Economic 
Statistics  for  the  jxar  1919. 

On  this  basis,  the  secular  trend  of  heavy  hog  prices  at  Chicago, 
modified  seasonally,  should  be  roughly  as  follows  for  the  several 
years  beginning  with  1919:  January,  $14.35;  February,  $15.07; 
March,  $15.82;  April,  $15.67;  May,  $15.22;  June,  $15.22;  July, 
$15.52;  August,  $15.22;  September,  $15.52;  October,  $15.07; 
November,  $14.16,  and  December,  $13.86.*  This  is  on  the  assump- 
tion that  hog  prices  and  prices  generally  will  have  for  their  normal 
mean  a  level  90  per  cent  above  the  1913  level.  It  is  expected  that 
in  a  rough  way  hog  prices  will  depart  from  this  level  according  to 
the  size  of  hog  receipts  and  the  condition  of  general  business  as 
expressed  by  bank  clearings.  (During  1920,  and  possibly  1921, 
heavy  exports  will  doubtless  have  influence.) 

The  secular  trend  of  bank  clearings  outside  New  York,  modi- 
fied seasonally,  for  the  year  beginning  with  1919,  is  taken  as; 
January,  $13^,952,000,000;  February,  $11,64-8,000,000;  March, 
$13,056,000,000;  April,  $12,800,000,000;  May,  $12,416,000.,- 
000;  June,  $12,416,000,000;  July,  $12,544,000,000;  August, 
$11,648,000,000;  September,  $12,032,000;  October,  $13,824,000,- 
000 ;  November,  $13,440,000,000,  and  December,  $13,824,000,000. 

The  secular  trend  of  hog  receipts  at  Chicago  in  millions  of 
pounds,  modified  seasonally,  for  the  period  beginning  with  1919, 
is  taken  as:  January,  184;  February,  163;  ]\Iarch,  143;  April, 
118;  May,  139;  June,  139;  July,  121;  August,  121;  September, 
103;  October,  120;  November,  144,  and  December,  180. 

Based  on  the  formula  as  secured  in  the  preceding  chapter  (hog 
price  equals  .56  bank  clearings  minus  .56  hog  receipts),  we  would 
expect  the  following  scale  of  hog  prices  in  Januarys  when  receipts 


♦These  figures  are  based  on  seasonal  correction  factors  as  follows: 
January,  96;  February,  100;  March,  105;  April,  104;  May,  101;  June,  101; 
July,  103;  August,  101;  September,  103;  October,  100;  November,  94; 
December,  92.  These  factors  are  practically  the  same  as  those  used  on 
page  84. 


Pkedicting  the  Future  of  Hog  Prices  99 

follow  the  secular  trend   (184,000,000  pounds  at  Chicago),  but 
bank  clearings  are  variable: 

Bank  Clearings  in  January.  Heavy  Hog  Prices. 
$11,000,000,000  ?11.35 

11,500,000,000  11.85 

16,500,000,000  16.85 

In  like  manner,  tables  may  be  made  up  for  each  month  of  the 
3'ear,  the  idea  being  that  for  each  $500,000,000  the  bank  clearings 
outside  of  New  York  are  above  or  below  the  secular  trend  season- 
ally modified,  fifty  cents  is  added  to  or  subtracted  from  the  secu- 
lar trend  hog  price  seasonally'  modified.  Thus  for  April  the 
tables  would  be: 

'^'^~         Bank  Clearings  in  April.  Heavy  Hog  Piices. 
$  9,800,000,000  $12.67 

12,800,000,000  15.67 

15,800,000,000  18.67 

Taking  the  tables  as  worked  out  for  bank  clearings  and  hog 
prices,  we  next  modify  for  hog  receipts.  An  excess  of  33,000,000 
pounds  of  hog  receipts  at  Chicago  in  a  month  means  on  the  average 
$1.80  lower  prices,  and  vice  versa.  Thus,  in  January,  with  bank 
clearings  at  $13,952,000,000,  we  would  expect  the  following  prices 
with  various  sizes  of  hog  receipts: 


Receipts  (in  Pounds). 

Heavy  Hog  Prices, 

162,000,000 

$15.55 

184,000,000 

14.35 

195,000,000 

13.75 

206,000,000 

13.15 

228,000,000 

11.95 

The  tables  herewith  give  this  problem  worked  out  in  detail  for 
the  various  months.  It  is  realized  that  at  this  writing,  in  earlv 
1920,  financial  matters  are  still  so  deranged  by  the  great  war  that 
our  secular  trend  for  bank  clearings  may  be  wide  of  the  mark. 
This  is  the  best  prediction  we  can  offer  at  this  writing,  and  we  are 
offering  it  full}'  aware  of  its  weakness,  but  fully  believing  that  pre- 
dictions of  this  sort  will  stimulate  more  thoro  research.  It  is  be- 
lieved that  better  measures  of  demand  may  eventually  be  found 
than  bank  clearings  outside  of  New  York  City,  and  that  better 
measures  of  supply  may  be  found  than  receipts  at  Chicago.  Also 
there  is  a  possibility  that  the  varying  size  of  exports  of  hog  prod- 
ucts should  be  taken  into  account. 


100 


AgRICULTURxVL    PlUCES 


PRICE    OF    HEAVY    HOGS    PER    HUNDREDV^ EIGHT,    AS    PREDICTED 

FROM  HOG  RECEIPTS  AND  BANK  CLEARINGS 

OUTSIDE  OF  NEW  YORK  CITY. 


JANUARY. 


Bank  Clearings 

Hog  Receipts  at  Chicago,  in  Millions  of  Pounds. 

Outside  New  York. 

162  1    173  1    184 

195 

206 

217 

228 

239 

$13,000.000,000 

13,500,000,000 

14,000.000,000 

14,500,000,000 

15,000,000,000 

15,500,000,000 

16,000,000,000 

16,500,000,000 

$14.55 
15.05 
15.55 
16.05 
16.55 
17.05 
17.55 
18.05 

$13.95  $13.35 
14.45    13.85 
14.95    14.35 
15.45    14.85 
15.95    15.35 
16.45    15.85 
16.95    16.35 
17.45    16.85 

$12.75 
13.25 
13.75 
14.25 
14.75 
15.25 
15.75 
16.25 

$12.15 
12.65 
13.15 
13.65 
14.15 
14.65 
15.15 
15.65 

$11.55 
12.05 
12.55 
13.05 
13.55 
14.05 
14.55 
15.05 

$10.95 
11.45 
11.95 
12.45 
12.95 
13.45 
13.95 
14.45 

$10.35 
10.85 
11.35 
11.85 
12.35 
12.85 
13.35 
13.85 

FEBRUARY. 


Bank  Clearings 

Hog  Receipts  at  Chicago,  in  Millions  of  Pounds. 

Outside  New  Y'ork. 

141   1    152 

163 

174       185 

196 

207 

218 

$10,600,000,000 

11,100,000,000 

11,600.000,000 

.  12,100,000,000 

12,600,000,000 

13,100,000,000 

13,600,000,000 

14,100,000,000 

$15.27 
15.77 
16.27 
16.77 
17.27 
17.77 
18.27 
18.77 

$13.67 
14.17 
14.67 
15.17 
15.67 
16.17 
16.67 
17.17 

$14.07 
14.57 
15.07 
15.57 
16.07 
15.57 
17.07 
17.57 

$13.47 
13.97 
14.47 
14.97 
15.47 
15.97 
16.47 
16.97 

$11.87 
12.37 
12.87 
13.37 
13.87 
14.37 
14.87 
15.37 

$12.27 
12.77 
13.27 
13.77 
14.27 
14.77 
15.27 
15.77 

$11.67 
12.17 
12.67 
13.17 
13.67 
14.17 
14.67 
15.17 

$11.07 
11.57 
12.07 
12.57 
13.07 
13.57 
14.07 
14.57 

MARCH. 


Bank  Clearings 

Hog  Receipts  at  Chicago,  in  Millions  of  Pounds. 

Outside  New  York. 

121  1    132 

143 

154 

165 

176 

187 

198 

$12,100,000,000  .    .    .    .    . 

12,600,000,000 

13,100,000,000 

13,600.000,000 

14,100,000,000 

14,600,000,000 

15,100,000,000 

15,600,000,000 

$16.02 
16.52 
17.02 
17.52 
18.02 
18.52 
19.02 
19.52 

$15.42 
15.92 
16.42 
16.92 
17.42 
17.92 
18.42 
18.92 

$14.82 
14.32 
15.82 
16.32 
16.82 
17.32 
17.72 
18.32 

$14.22 
14.72 
15.22 
15.72 
16.22 
16.72 
17.22 
17.72 

$13.62 
14.12 
14.62 
15.12 
15.62 
16.12 
16.62 
17.12 

$13.02 
13.52 
14.02 
14.52 
15.02 
15.52 
16.02 
16.52 

$12.42 
12.92 
13.42 
13.92 
14.42 
14.92 
15.42 
15.92 

$11.82 
12.32 
12.82 
13.32 
13.82 
14.32 
14.82 
15.32 

APRIL. 


Bank  Clearings 

_ 

Hog  Receipts  at  Chicago,  in  Millions  of  Pounds. 

Outside  New  York. 

96 

107 
$15.27 

118 
$14767 

129 
$14.07 

140 
$13.47 

151 

$12.87 

162 

$12:27' 

173 

$11,800,000,000  .    . 

|$15.87 

$11.67 

12,300,000,000  . 

16.37 

15.77 

15.17 

14.57 

13.97 

13.37 

12.77 

12.17 

12,800,000,000  . 

16.87 

16.27 

15.67 

15.07 

14.47 

13.87 

13.27 

12.67 

13,300.000,000   . 

17.37 

16.77 

16.17 

15.57 

14.97 

14.37 

13.77 

13.17 

13,800,000,000  . 

17.87 

17.27 

16.67 

16.07 

15.47 

14.87 

14.27 

13.67 

14,300,000,000  . 

18.37 

17.77 

17.17 

16.57 

15.97 

15.37 

14.77 

14.17 

14,800,000,000  . 

18.87    18.27 

17.67 

17.07 

16.47 

15.87 

15.27 

14.67 

15,300,000,000  . 

19.37    18.77 

18.17 

17.57 

16.97 

16.37 

15.77 

15.17 

Predictixg  the  Future  of  Hog  Prices 


101 


PRICE   OF   HEAVY   HOGS   PER   HUNDREDWEIGHT,   AS   PREDICTED 

FROr.I  HOG  RECEIPTS  AND  BANK  CLEARINGS  OUTSIDE 

OF  NEW  YORK  CITY— Continued. 


MAY. 


Bank  Clearings 
Outside  New  York. 


$11,400 
11,900 
12,400 
12,900 
13,400 
13,900 
14,400 
14,900 


,000,000 
,000,000 
000,000 
000,000 
000,000 
000,000 
000,000 
000,000 


Hog 

__ir7^] 

$15:42 
15.92 
16.42 
16.92 
17.42 
17.92 
18.42 
18.92 


Receipts  at  Chicago,  in  Millions  of  Pounds. 
i2^ri"^139  r^50    ^16n  "172  r^^'3  I    194 


$14.82 
15.32 
15.82 
16.32 
16.82 
17.32 
17.82 
18.32 


$14.22 
14.72 
15.22 
15.72 
16.22 
16.72 
17.22 
17.72 


$13.62 
14.12 
14.62 
15.12 
15.62 
16.12 
16.62 
17.12 


$13.02 
13.52 
14.02 
14.52 
15.02 
15.52 
16.02 
16.52 


$12.42 
12.92 
13.42 
13.92 
14.42 
14.92 
15.42 
15.92 


$11.82 
12.32 
12.82 
13.32 
13.82 
14.32 
14.82 
15.32 


$11.22 
11.72 
12.22 
12.72 
13.22 
13.72 
14.22 
14.72 


JUNE. 


Bank  Clearings 

Hog  Receipts  at  Chicago,  in  Millions  of  Pounds. 

Outside  New  York. 

117  1    128 

139   1    150   1    161 

172 

183 

194 

$11,400,000,000 

11,900,000,000 

12,400,000,000 

12,900,000,000 

13,400,000.000 

13,900,000,000 

14,400,000,000 

14,900,000,000 

$15.42 
15.92 
16.42 
16.92 
17.42 
17.92 
18.42 
18.92 

$14.82 
15.32 
15.82 
16.32 
16.82 
17.32 
17.82 
18.32 

$14.22 
14.72 
15.22 
15.72 
16.22 
16.72 
17.22 
17.72 

$13.62 
14.12 
14.62 
15.12 
15.62 
16.12 
16.62 
17.12 

$13.02 
13.52 
14.02 
14.52 
15.02 
15.52 
16.02 
16.52 

$12.42 
12.92 
13.42 
13.92 
14.42 
14.92 
15.42 
15.92 

$11.82 
12.32 
12.82 
13.32 
13.82 
14.32 
14.82 
15.32 

$11.22 
11.72 
12.22 
12.72 
13.22 
13.72 
14.22 
14.72 

JULY. 


Bank  Clearings 

Hog  Receipts  at  Chicago,  in  Millions  of  Pounds. 

Outside  New  York. 

99   1    110  1    121 

132 

143 

154  ]    165 

176 

$11,500,000,000 

12,000,000,000 

12.500,000,000 

13,000,000,000 

13,500,000,000 

14,000,000,000 

14,500,000,000 

15,000,000,000 

$15.72 
16.22 
16.72 
17.22 
17.72 
18.22 
18.72 
19.22 

$15.12 
15.62 
16.12 
16.62 
17.12 
17.62 
18.12 
18.62 

$14.52 
15.02 
15.52 
16.02 
16.52 
17.02 
17.52 
18.02 

$13.92 
14.42 
14.92 
15.42 
15.92 
16.42 
16.92 
17.42 

$13.32 
13.82 
14.32 
14.82 
15.32 
15.82 
16.32 
16.82 

$12.72 
13.22 
13.72 
14.22 
14.72 
15.22 
15.72 
16.22 

$12.12 
12.62 
13.12 
13.62 
14.12 
14.62 
15.12 
15.62 

$11.52 
12.02 
12.52 
13.02 
13.52 
14.02 
14.52 
15.02 

AUGUST. 


Bank  Clearings 
Outside  New  York. 


$10,600, 
11,100, 
11,600, 
12,100, 
12,600, 
13.100, 
13,600, 
14,100, 


000,000 
000.000 
000,000 
000,000 
000,000 
000,000 
000,000 
000.000 


_Hog 
99  " 

$^15.42 
15.92 
16.42 
16.92 
17.42 
17.92 
18.42 
18.92 


Receipts  at  Chicago,  in  Millions  of  Pounds. 


110 
$14.82 
15.32 
15.82 
16.32 
16.82 
17.32 
17.82 
18.32 


121   I    132 
$14.22 1  $13.62 


14.72 
15.22 
15.72 
16.22 
16.72 
17.22 
17.72 


14.12 
14.62 
15.12 
15.62 
16.12 
16.62 
17.12 


143^ 
$13.02 
13.52 
14.02 
14.52 
15.02 
15.52 
16.02 
16.52 


154 
$12.42 
12.92 
13.42 
13.92 
14.42 
14.92 
15.42 
15.92 


165 
$li:S2 
12.32 
12.82 
13.32 
13.82 
14.32 
14.82 
15.32 


176 


$11.22 
11.72 
12.22 
12.72 
13.22 
13.72 
14.22 
14.72 


102 


Agricultural  Prices 


PRICE   OF   HEAVY  HOGS  PER  HUNDREDWEIGHT,   AS   PREDICTED 

FROM  HOG  RECEIPTS  AND  BANK  CLEARINGS  OUTSIDE 

OF  NEW  YORK  CITY— Continued. 

SEPTEMBER. 


Bank  Clearings 

Hog  Receipts  at  Chicago,  In  Millions  of  Pounds. 

Outside  New  York. 

81 

92    1    103 

114       125 

136 

147       158 

$11,000,000,000 

11,500.000,000 

12,000,000,000 

12,500.000.000 

13,000,000,000 

13,500,000,000 

14.000,000,000 

14,500,000,000 

$15.72 
16.22 
16.72 
17.22 
17.72 
18.22 
18.72 
19.22 

$15.12 
15.62 
16.12 
16.62 
17.12 
17.62 
18.12 
18.62 

$14.52 
15.02 
15.52 
16.02 
16.52 
17.02 
17.52 
18.02 

$13.92 
14.42 
14.92 
15.42 
15.92 
16.42 
16.92 
17.42 

$13.32 
13.82 
14.32 
14.82 
15.32 
15.82 
16.32 
16.82 

$12.72 
13.22 
13.72 
14.22 
14.72 
15.22 
15.72 
16.22 

$12.12 
12.62 
13.12 
13.62 
14.12 
14.62 
15.12 
15.62 

$11.52 
12.02 
12.52 
13.02 
13.52 
14.02 
14.52 
15.02 

OCTOBER. 


Bank  Clearings 

Hog  Receipts  at  Chicago,  in  Millions  of  Pounds. 

Outside  New  York. 

98       109  1    120  1    131 

142       153 

164 

175 

$12,800,000,000 

13,300,000,000 

13,800,000,000 

14,300.000,000 

14,800,000,000 

15,300,000,000 

15,800,000,000 

16,300,000,000 

$15.27 
15.77 
16.27 
16.77 
17.27 
17.77 
18.27 
18.77 

$14.67|$14.07  $13.47 
15.17    14.57    13.97 
15.67    15.07    14.47 
16.17    15.57    14.97 
16.67    16.07    15.47 
17.17    16.57    15.97 
17.67    17.07    16.47 
18.17    17.57    16.97 

$12.87 
13.37 
13.87 
14.37 
14.87 
15.37 
15.87 
16.37 

$12.27 
12.77 
13.27 
13.77 
14.27 
14.77 
15.27 
15.77 

$11.67 
12.17 
12.6.7 
13.17 
13.67 
14.17 
14.67 
15.17 

$11.07 
11.57 
12.07 
12.57 
13.07 
13.57 
14.07 
14.57 

NOVEMBER. 


Bank  Clearings 

Hog  Receipts  at  Chicago,  in  Millions  of  Pounds. 

Outside  New  York. 

122 

133   !    144 

155   1    166 

177 

188 

199 

$12,400,000.000 

12,900,000,000 

13,400,000,000 

13,900,000,000 

14,400,000.000 

14.900,000.000 

15,400,000,000 

15,900,000,000 

$14.36 
14.86 
15.36 
15.86 
16.36 
16.86 
17.36 
17.86 

$13.76 
14.26 
14.76 
15.26 
15.76 
16.26 
16.76 
17.26 

$13.16 
13.66 
14.16 
14.66 
15.16 
15.66 
16.16 
16.66 

$12.56 
13.0G 
13.56 
14.06 
14.56 
15.06 
15.56 
16.06 

$11.96 
12.46 
12.96 
13.46 
13.96 
14.46 
14.96 
15.46 

$11.36 
11.86 
12.36 
12.86 
13.36 
13.86 
14.36 
14.86 

$10.76 
11.26 
11.76 
12.26 
12.76 
13.26 
13.76 
14.26 

$10.16 
10.66 
11.16 
11.66 
12.16 
12.66 
13.16 
13.66 

DECEMBER. 


Bank  Clearings 

Hog  Receipts  at  Chicago,  in  Millions  of  Pounds. 

Outside  New  York. 

158 

169 

180 

191  1    202  1    213 

224 

235 

$12,800,000,000 

13,300,000.000 

13,800.000,000 

14,300,000,000 

14,800,000.000 

15,300,000,000 

15,800,000,000 

16,300,000,000 

$14.06 
14.56 
15.06 
15.56 
16.06 
16.56 
17.06 
17.56 

$13.46 
13.96 
14.46 
14.96 
15.46 
15.96 
16.46 
16.96 

$12.86 
13.36 
13.86 
14.36 
14.86 
15.36 
15.86 
16.36 

$12.26 
12.76 
13.26 
13.76 
14.26 
14.76 
15.26 
15.76 

$11.66 
12.16 
12.66 
13.16 
13.66 
14.16 
14.66 
15.16 

$11.06 
11.56 
12.06 
12.56 
13.06 
13.56 
14.06 
14.56 

$10.46 
10.96 
11.46 
11.96 
12.46 
12.96 
13.46 
13.96 

$  9.86 
10.36 
10.86 
11.36 
11.86 
12.36 
12.86 
13.36 

LIMITATIONS  OF  THE  MATHEMATICAL 
METHOD 

SUCH  a  mathematical  formula  as :  Hog  prices  equal  ,56  bank 
clearings  — .56  hog  receipts  must  always  be  applied  with 
common  sense.  In  November  of  1914,  for  instance,  hog  receipts 
at  Chicago  were  abnormally  small  on  account  of  foot-and-mouth 
disease,  and  in  December  of  tlic  same  year  they  were  abnormally 
large  for  the  same  reason.  Judging  from  receipts,  we  might  have 
expected  heavy  hogs  to  sell  for  $8.83  in  November  and  .$6.'i4-  in 
December.  As  a  matter  of  fact,  the  actual  price  was  $T.50  in 
November  and  $7.10  in  December.  It  was  commonly  recognized 
by  the  trade  that  hog  receipts  at  Chicago  in  November  and  Decem- 
ber of  1911  were  abnorm.al,  and  not  representative  of  the  poten- 
tial supply  in  the  country  at  large. 

Occasionally,  as  in  NoA'ember  of  190T,  falling  prices  act  to 
curtail  receipts.  The  small  receipts  in  November,  1907,  would 
have  indicated  a  price  of  $6.75,  whereas  the  actual  price  was  $4'. 90. 
As  a  matter  of  fact,  there  was  a  large  number  of  hogs  that  year, 
and  tlie  actual  price  reflected  the  potential  supply  rather  than  the 
temporary  supph'. 

It  is  possible  to  refine  the  method  considerabl}'.  For  instance, 
it  may  be  worth  while  to  proceed  on  the  assumption  that  the  rela- 
tion between  hog  prices  and  hog  receipts  is  best  expressed  by  an 
equation  representative  of  a  hyperbola  or  skew  curve  instead  of  a 
straight  line.  The  straight  line  equation,  based  on  the  years  1903 
to  1915,  inclusive,  is: 

Hog  prices  equal  —.8  —.56  hog  receipts. 

The  hyperbola  equation  for  these  years  is: 

Hog  prices  equal  —1.24  —  .55  hog  receipts 

-I-.0046  hog  receipts  squared. 

The  skew  or  cubic  curve  equation  is : 

Hog  prices  equal  — I.IS  —.24  hog  receipts 

-f  .0027  hog  receipts  squared 
— .00079  hog  receipts  cubed. 

Using  these  more  complex  mathematical  methods,  it  is  often 
possible  to  o\])ress  the  relationships  more  exactly.  But  no  method, 
however  far  refined,  will  take  the  place  of  common  sense  market 
judgmelit.      Nevertheless,  it  may  be  decidedly  helpful  to  a  better 


104; 


Agricui.tural  Prices 


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Limitations  of  the  Mathematical  Method  105 

understanding  of  the  normal  working  of  supply  and  demand  to  use 
both  hyperbolas  and  cubic  curves  on  occasion. 

Other  refinements  of  the  mathematical  study  of  hog  prices  may 
consist  in  working  out  the  correlation  coefficients  between  hog 
prices  and  receipts  at  six  markets  or  eleven  markets  instead  of 
using  Chicago  receipts  alone.  Work  may  be  done  looking  into 
the  relation  between  hog  prices  and  potential  supply  as  contrasted 
with  the  temporary  or  month-by-month  supply.  So  far  as  the 
relation  between  hog  prices  and  business  conditions  is  concerned, 
it  should  be  worth  while  to  work  out  correlation  coefficients  be- 
tween hog  prices  and  the  amount  of  new  building,  or  hog  prices  and 
Dun's  index  number.  In  fact,  there  are  a  great  many  measures 
of  business  activities  which  may  possibly  measure  the  demand  for 
hogs  bettor  than  bank  clearings  outside  of  New  York  City.* 

Some  people  ma}'^  think  it  advisable  to  work  out  a  correlation 
and  line  of  regression  illustrating  the  relation  between  hog  prices 
and  corn  prices.  This  has  been  attempted,  but  it  has  been  found 
that  after  the  secular  and  seasonal  trends  are  taken  out  of  both 
corn  prices  and  hog  prices  there  is  practically  no  relation  between 
them.  It  is  a  curious  commentary  on  our  present  marketing  sys- 
tems that  corn  prices  and  hog  prices,  wliile  very  closely  related 
decade  by  decade,  liave  ver}^  little  influence  on  each  other  month 
by  montli.  In  other  words,  changing  costs  of  production  can  have 
practically  nothing  to  do  with  the  month-by-month  changes  in  the 
market  price  under  our  present  economic  system.  Unusually  high 
com  prices  today  are  more  likely  to  influence  the  hog  prices  of  next 
3'ear  than  the  hog  prices  of  today. 

After  everything  has  been  done  which  can  be  done  by  mathe- 
matical method,  there  will  still  be  room  for  common-sense  judg- 
ment. But  such  judgment  is  best  applied  by  men  wise  in  market 
lore,  men  familiar  with  the  technique  of  production,  and  who  also 
are  familiar  with  such  mathematical  methods  as  are  here  described. 


Since  the  chapter,  "Limitations  of  the  Mathematical  Method,"  was 
written,  it  has  heen  discovered  that  hog  receipts  at  eleven  markets  are  a 
more  accurate  indicator  of  hog  prices  than  receipts  at  Chicago,  and  that 
prices  of  Connelsville  coke  are  a  better  indicator  of  the  demand  for  hogs 
than  bank  clearings  outside  New  York  City.  The  multiple  coefficient  of 
correlation  between  hog  prices  on  the  one  hand  and  Chicago  hog  receipts 
and  bank  clearings  outside  New  York  City  on  the  other  hand  is  .65,  whereas 
between  hog  prices  and  hog  receipts  at  eleven  markets  and  coke  prices 
the  multiple  coefficient  of  correlation  is  .70. 


CONCLUSIONS  BASED  ON  RATIOS  AND 

MATHEMATICS  OF  SUPPLY  AND 

DEMAND 

BY  MEANS  of  corn-hog  ratios,  it  is  possible  to  determine  with 
great  accuracy'  month  b}'^  month  tlie  production  cost  of  one 
hundred  pounds  of  hog  flesh.  The  actual  price,  however,  has  been 
quite  different  from  the  cost-of-production  price,  except  as  an 
average  of  long  periods  of  time.  This  is  indicated  by  the  profit 
and  loss  chart  on  page  32,  the  black  areas  above  and  below  the 
z^ro  line  indicating  the  departure  of  the  actual  price  from  the  ratio 
or  cost  of  production  price. 

The  actual  price  heretofore  has  been  determined  chiefly  by  the 
action  of  supph'  and  demand  and  not  by  cost  of  production.  The 
close  agreement  between  actual  price  and  the  supply-and-demand 
•price  as  based  on  a  fornmla  derived  from  bank  clearings  and  hog 
receipts  is  shown  on  page  96.  In  the  chart  on  page  107  arc  present- 
ed the  cost-of-production  price  based  on  ratios  and  the  supply-and- 
demand  price  as  based  on  bank  clearings  and  hog  receipts, 

Tlie  ratio  or  cost-of-production  price  is  much  steadier  than  the 
supply-and-demand  price.  If  the  farmers  could  arrange  with  the 
packers  for  a  price  more  nearly  representing  the  cost-of-production 
or  ratio  price,  it  is  obvious  that  the  supply  of  hogs  might  be  con- 
siderably steadied.  Once  farmers  realize  that  neither  excessive 
profits  nor  excessive  losses  are  to  be  expected  in  the  hog  business, 
they  will  steady  down  to  producing  about  the  same  number  of  hogs 
each  year,  and  they  will  send  them  to  market  in  a  uniform  stream, 
instead  of  in  irregular  spurts. 

Of  course,  there  are  alwa3's  uncertainties  in  the  way  of  weather, 
disease,  etc.  Hot,  dry  weather  in  July  and  August  may  curtail 
the  corn  crop  and  shoot  up  the  price  of  corn  and  the  cost  of  pro- 
ducing hogs.  Such  hot,  dry  weather  immediately  increases  the 
cost  of  producing  hogs.  The  packers,  heretofore,  liave  been  either 
unable  or  unwilling  to  pay  a  price  for  hogs  sufficient  to  cover  the 
increased  cost  of  production  caused  by  the  hot,  dry  wcatlier,  and 
as  a  result  they  have  been  compelled  to  pay  more  than  cost  of  pro- 
duction a  year  or  so  later.  Why  shouldn't  the  packers  and  farm- 
ers constantly  educate  the  public  to  pay  the  cost-of-production 
price.''  Tell  the  public  that  the  drouth  and  high  corn  prices  have 
increased  the  cost  of  producing  hogs,  and  the  price  must  be  in- 
creased to  prevent  a  shortage  next  year.     Why  shouldn't  the  farm- 


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108  Agricultural  Prices 

ers  try  to  find  a  way  to  regulate  the  supply  -with  an  iron  hand,  in 
an  endeavor  to  maintain  approximately  the  cost-of-production 
price  at  all  times?  This  means  willingness  to  lower  the  price  of 
hogs  in  years  when  the  corn  crop  is  large,  as  well  as  ability  to  raise 
the  price  in  years  of  a  short  corn  crop. 

Unquestionably  there  are  vagaries  in  the  consuming  demand 
for  pork  which  might  make  the  payment  of  a  cost-of-production 
price  difficult  for  a  time.  It  is  believed,  however,  that  powerful 
com  belt  farmers'  organizations  working  in  co-operation  with  the 
packers  should  be  able  to  educate  consumers  to  the  cost-of-produc- 
tion idea,  and  so  far  as  seasonal  vagaries  in  the  demand  are  con- 
cerned, the  farmers  and  packers  should  be  able  to  come  to  an 
agreement  providing  for  paying  rather  more  than  the  demand 
price  for  hogs  in  times  of  poor  demand  and  rather  less  than  the 
demand  price  for  hogs  in  times  of  good  demand,  in  an  effort  to 
make  price  meet  cost  of  production  rather  than  temporary  demand 
idiosyncrasies. 

It  is  realized  that  the  difficulties  in  the  way  of  paying  cost  of 
production  at  all  times  are  even  greater  than  here  indicated.  The 
idea,  in  fact,  runs  counter  to  the  laissez  faire,  competitive  price 
system  under  which  business  is  conducted  toda3\  It  is  believed, 
however,  that  in  the  future  more  and  more  attention  must  be  paid 
to  production  and  less  and  less  to  price  manipulation.  To  this 
end,  products  must  be  sold  at  all  times  as  nearly  as  possible  at  the 
cost-of-production  price.  There  must  be  no  prospect  of  unusual 
profit  or  unusual  loss  in  the  production  of  staple  products.  We 
are  now  referring  to  industries  as  a  whole.  It  is  inevitable,  of 
course,  that  certain  individuals  will  make  great  profits  and  others 
will  incur  losses,  even  in  years  when  the  cost-of-productoin  or  ratio 
price  is  paid.  Full  consideration  must  always  be  given  to  the  phy- 
sical facts  and  to  special  emergencies  as  the}'  arise.  Standard 
ratios  representing  cost  of  production  for  an  industry  may  sud- 
denly be  rendered  out-of-date  by  a  new  invention.  New  situations 
must  be  recognized  frankly,  but  at  all  times  the  guiding  motive 
should  be  to  pay  the  cost-of-production  price.  In  order  that  supply 
and  demand  may  operate  more  smoothly. 

To  give  the  cost  of  production  price  broader  sway  In  our  price 
system  does  not  necessarily  Involve  governmental  control.  The 
first  step  is  education  in  price  judging.  Even  in  the  grade  schools 
and  country  schools,  ratio  methods  of  price  judgment  should  be 
taught.  In  high  schools  the  matter  may  be  carried  farther,  and 
it  is  suggested  that  not  only  should  the  ratio  method  of  price  judg- 
ing be  taught  in  high  school,  but  also  the  practical  use  of  correla- 


COXCLUSIOXS  109 

tion  coefficients  and  lines  of  regression  in  determining  prices  from 
business  conditions  and  the  supply.  In  college  (and  the  colleges 
have  been  most  neglectful  in  this  matter)  specific  problems  should 
be  worked  out  in  great  detail.  Students  in  such  classes  should 
have  access  to  adding  machines,  calculating  machines,  rechentaf- 
fels,  and  other  modern  devices  for  making  calculations  easy  and 
accurate.  But  the  most  important  thing  of  all  just  now  is  ade- 
quate research  by  colleges,  by  experiment  stations,  and  by  govern- 
mental departments.  The  government  and  market  agencies  must 
continue  to  improve  their  statistical  records,  and  research  students 
must  study  these  records  with  all  the  refinements  of  statistical 
method. 

An  excellent  start  along  this  line  has  been  made  by  the  Harvard 
University  Committee  on  Economic  Research.  This  committee 
seems  to  be  concerned  altogether  with  the  industrial  world.  It  is 
essential  that  the  agricultural  world  be  given  similar  service. 

The  object  of  it  all  is  to  discover  the  best  possible  kind  of  ma- 
chinery thru  which  the  law  of  supply  and  demand  may  work  to  the 
end  that  violent  fluctuations  in  supply  and  demand  may  be  re- 
duced to  the  lowest  possible  point  consistent  with  changing  weather 
and  unforeseeable  accidents.  The  present  price  system  is  not  per- 
fect; it  can  be  improved.  But  before  improvements  can  be  made, 
the  present  system  must  be  studied  with  the  greatest  thoroness. 
The  great  weakness  of  the  present  price  system  is  that  the  men  who 
operate  it  are  concerned  chiefly  with  making  the  greatest  possible 
profit,  and  not  at  all  with  making  the  law  of  supply  and  demand 
operate  smoothly  on  a  price  level  roughl}'  equivalent  to  cost  of 
production. 

The  highest  purpose  of  our  price  system  should  be  to  tell  pro- 
ducers truthfully  what  to  do  in  the  future,  instead  of  capitalizing 
a  temporary  supply  and  demand  situation  to  the  advantage  of  cer- 
tain bright  speculators.  The  $4,50  price  for  hogs  in  January  of 
1908  was  a  lie  so  far  as  it  guided  the  future  action  of  hog  pro- 
ducers. So  also  was  the  $11  price  in  March  of  1910.  Both  prices 
told  the  approximate  truth  about  a  temporary  supply-and-demand 
situation.  But  both  were  fundamentally  lies.  Our  whole  loissez 
faire  system  is  full  of  lies  of  this  sort.  Surely  we  have  enough  in 
tlie  way  of  legitimate  ph^^sical  handicaps  such  as  weather  and  pests 
so  that  we  should  be  willing  to  run  our  price  system  more  truth- 
fully. 

So  far  as  farmers  are  concerned,  the  object  of  studies  of  this 
kind  is,  first,  to  play  the  price  game  as  well  as  capital  and  labor ; 
and,  second,  to  co-operate  with  capital  and  labor  to  enforce  prices 


110  Agricultural  Prices 

roughly  equivalent  to  cost  of  production,  to  the  end  that  supply 
and  demand  ma}'  operate  more  smoothly. 

It  is  anticipated  that  greater  emphasis  on  "cost-of-production 
price"  and  less  emphasis  on  "supply-and-demand  price"  will  result 
in  gradually  replacing  most  business  men  with  production  engi- 
neers and  statistical  economists.  Business  men  have  had  profit  as 
their  sole  motive.  What  we  need  is  production  engineers  whose 
~chTef  concern  is  production  methods,  and  statistical  economists 
who  are  able  to  understand  the  delicate  inter-relations  of  different 
industries.  .  It  is  believed  that  there  is  in  most  men  a  desire  to  do 
their  work  well,  and  that  this  desire  will  find  more  complete  ex- 
pression, to  the  benefit  of  the  bulk  of  the  people,  under  the  guid- 
ance of  men  whose  supreme  motive  is  not  profit  but  technical  under- 
standing and  love  of  the  work  to  be  done.  All  this  concerns  the 
farmer,  to  the  extent  that  when  the  industrial  world  shifts  to  this 
kind  of  basis2_he_ma^'_Jb£  more  certain  of  a  stable  price  for  his 
products.   — ' 

Substituting  production  engineers  and  statistical  economists  for 
business  men  means  doing  away  with  the  chance  of  excessive  gains 
and  excessive  losses.  And  this  is  proper  so  far  as  production  of 
and  trade  in  staple  products  is  concerned. 

The  onl}'  place  where  the  commercial  imagination  of  the  old- 
fashioned  risk-taking  business  men  has  legitimate  place  is  in  work- 
ing Avith  things  which  are  not  staple,  such  as  theaters,  luxuries, 
newspapers,  etc. 


APPENDIX 

iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiy^^ 


SUGGESTIONS  CONCERNING  THE  TABLES 
IN  THE  APPENDIX 

THE  man  who  studies  the  figures  as  to  receipts,  prices,  etc.,  as 
they  unroll  day  by  day  and  month  by  month  in  the  great 
central  markets  gradually  develops  market  judgment.  Of  course, 
there  is  more  in  the  market  than  figures,  but  a  thoro  understanding 
of  statistical  relationships,  of  normal  seasonal  trends,  etc.,  is  nec- 
essary before  one  can  fully  appreciate  the  extraordinary  or  stra- 
tegical considerations  which  are  occasionally  involved. 

It  is  suggested  that  those  who  are  really  interested  in  prices 
should  fill  in  month  by  month  in  the  blank  tables  the  figures  as  they 
become  available.  Sources  of  current  figures  are  the  ^Market  Re- 
porter, published  weekly  by  the  United  States  Department  of  Agri- 
culture ;  the  daily  live  stock  papers  published  at  the  great  central 
markets;  the  Montlily  Crop  Reporters,  published  by  the  United 
States  Department  of  Agriculture,  and,  so  far  as  retail  prices  are 
concerned,  the  monthly  publications  of  the  Bureau  of  Labor  Sta- 
tistics. It  is  hoped  that  eventually  the  Bureau  of  Markets  of  the 
United  States  Department  of  Agriculture  will  have  available  ex- 
ceedingly valuable  figures.  At  present,  however,  the  Bureau  of 
Markets  figures  are  practically  worthless  because  they  have  not 
been  continued  long  enough  to  have  sufficient  background  to  enable 
anyone  to  judge  them  properly. 

The  effort  has  been  made  in  the  prices  here  collected  to  cover 
the  period  immediately  preceding  the  war  quite  thoroly,  in  order 
that  those  Avho  are  interested  may  work  out  normal  pre-war  rela- 
tionships. 

In  all  price  questions,  the  problem  of  grade  is  involved.  Gradu- 
ally the  grade  classifications  have  been  made  more  and  more  scien- 
tific, but  even  to  this  day  there  is  haziness  in  certain  products, 
notably  cattle.  It  is  believed,  therefore,  that  the  cattle  prices  are 
more  unreliable  than  any  other.  Scientific  grading  of  cattle  is 
possible,  and  will  be  adopted  as  soon  as  the  producers  are  in  posi- 
tion to  demand  it. 

Market  figures  furnish  the  laboratory  of  economics.  It  is  be- 
lieved that  it  is  as  essential  for  students  at  agricultural  colleges  to 
do  laboratory  work  in  economics  as  it  is  for  them  to  spend  such  a 
large  part  of  their  time  in  the  chemical,  zoological  or  botanical 
laboratories.  When  the  agricultural  students  judge  marketable 
live  stock,  it  is  suggested  that  they  be  required  to  estimate  the 


114  Agricultural  Prices 

weight,  grade,  dressing  percentage  and  probable  Chicago  price. 
An  ingenious  teacher,  who  is  familiar  with  economics  and  market 
grades  of  grain  and  live  stock,  can  think  of  many  devices  to  bring 
home  to  his  students  the  fact  that  the  market  is  a  living  thing,  j'et 
subject  to  certain  laws  which  are  almost  as  exact  as  Mendel's  law 
of  inheritance. 

The  author  will  appreciate  being  informed  of  any  mistakes  in 
the  figures.  Great  pains  have  been  taken  to  make  them  accurate, 
but  it  is  inevitable  that  a  few  mistakes  will  creep  in. 


The  following  gives  a  description  of  grades  and  sources  of  in- 
formation for  some  of  the  products  for  which  figures  are  given  in 
the  tables  of  the  Appendix : 

HEAVY  HOG  PRICES  AT  CHICAGO. 

From  1896  to  date,  heavy  hog  prices,  as  compiled  by  Chas.  A.  S. 
McCracken  for  the  Chicago  Drovers'  Jounial  Year  Book,  have  been  used. 
From  1881  to  1895,  inclusive,  the  average  of  the  range  of  Chicago  hog 
prices,  as  compiled  by  the  Cincinnati  Price  Current,  has  been  used. 
Properly  speaking,  these  prices  refer  more  nearly  to  average  hogs  than 
to  heavy  hogs.  Previous  to  1881,  prices  have  been  compiled  from  the 
Chicago  Board  of  Trade  Reports,  the  grade  known  as  heavy  packers  and 
shippers  being  used  so  far  as  possible. 


CORN    PRICES   AT  CHICAGO. 

"^  No.  2  mixed  has  been  used  thruout.  From  1880  to  1916,  inclusive,  the 
average  of  the  high  and  low  for  the  month  has  been  taken.  Since  Jan- 
uary, 1917,  each  day  of  the  month  has  been  averaged.  Previous  to  1880, 
averages  were  taken  either  weekly  or  semi-monthly.  All  figures  are  de- 
rived either  from  the  Howard-Bartels  Red  Book  or  the  Chicago  Board  of 
Trade  Reports.     The  two  sources  generally  agree. 


OATS  PRICES  AT  CHICAGO. 


Previous  to  1876,  the  grade  known  as  No.  1  was  chiefly  used.  Since 
1876,  No.  2,  Standard  or  Contract  oats  has  been  used.  Previous  to  1881, 
averages  were  taken  weekly  or  semi-monthly.  Since  1881,  the  high  and 
low  for  the  month  have  been  averaged.  Previous  to  1881,  Chicago  Board 
of  Trade  Reports  were  used.  Since  1881,  the  Howard-Bartels  Red  Books 
have  been  used,  which  quote  practically  the  same  figures  as  the  Board 
of  Trade. 


WHEAT  PRICES  AT  CHICAGO. 

Previous  to  1883,  the  grade  known  as  No.  2  Spring  was  used,  weekly 
or  semi-monthly  averages  being  taken  from  the  Chicago  Board  of  Trade 
Reports.  From  1883  to  1903,  inclusive,  there  is  a  slight  confusion  in 
grades,  but  the  No.  2  Spring  is  used  chiefly,  averages  of  high  and  low  for 
the  month  being  taken  from  the  Howard-Bartels  Red  Book. 

From  1901  to  1913,  inclusive,  prices  are  based  on  No.  2  Red  and  No.  1 
Northern,  the  high  of  the  one  and  the  low  of  the  other  being  used.  From 
1914  on,  prices  are  based  on  No.  2  Red,  No.  2  Hard  and  No.  1  Northern, 


Appendix  115 

the  highest  of  the  highest-priced  grade  and  the  lowest  of  the  lowest-priced 
grade  being  averaged. 


LIVE  STOCK  PRICES  AND  RECEIPTS. 

Practically  all  of  the  live  stock  figures  since  1903  have  been  compiled 
from  the  Chicago  Drovers'  Jom-nal  Year  Books.  Mr.  Chas.  A.  S.  McCrackeu 
has  compiled  the  price  figures  from  actual  transactions  day  by  day  in  the 
stock  yards  for  the  past  thirty  years,  and  is  still  with  the  Drovers'  Journal. 
The  original  source  for  live  stock  receipts  is  the  stock  yards  companies, 
but  we  have  used  the  reports  of  the  Drovers'  Journal.  For  the  years 
1903,  1904  and  1905,  for  receipts  at  six  markets,  we  have  used  figures  fur- 
nished by  Mr.  M.  F.  Horine,  statistician  for  the  Chicago  Union  Stock 
Yards.  These  figures  seem  to  be  comparable  with  the  figures  for  the 
later  years,  except  in  the  case  of  cattle,  where  there  is  evidently  some 
confusion  in  the  counting  of  calves.  The  cattle  receipts  at  six  markets, 
as  published  by  1903,  1904  and  1905  reports,  are  about  8  per  cent  too  large 
to  be  truly  comparable  with  the  later  years. 


RETAIL  PRICES. 


Retail  price  figures  are  taken  from  the  publications  of  the  Bureau  of 
Labor  Statistics.  Concerning  the  significance  of  these  figures,  the  fol- 
lowing statement  of  Royal  Meeker,  Commissioner  of  Labor  Statistics,  is 
of  value:  "We  secure  retail  prices  of  44  articles  of  food  from  50  cities  on 
the  15th  of  each  month.  The  stores  selected  are  those  patronized  by 
wage-earners.  The  goods  carried  are  standard  grades  and  brands.  The 
Bureau  requests  that  these  grades  and  brands  be  uniform  thruout  the 
year,  as  nearly  as  possible.  Some  of  these  stores  are  'cash-and-carry,' 
and  some  of  them  deliver,  depending  on  the  locality  in  which  they  are 
situated.  The  Bureau  makes  every  effort  to  have  each  city  represented 
by  a  sufficient  number  of  stores  so  the  prices  published  for  that  city  will 
represent  the  average  prices  charged  to  the  wage-earner.  Of  course,  the 
chances  are  that  there  will  be  differences,  as  we  do  not  carry  either  the 
high-class  stores  or  the  cut-rate  stores." 


116 


Agricultural  Prices 


CHICAGO  HEAVY  HOG  PRICES. 


1 

Ten- 

1860. 

1861. 

1862. 

1863. 

1864. 

1865. 

1866. 

1867. 

1868. 

1869. 

yr. 

av. 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

January  .    .    .    . 

4.85 

5.05 

2.35 

3.60 

5.90 

11.15 

9.30 

6.10 

6.60 

10.15 

6.51 

February    .    .    . 

5.25 

5.00 

2.50 

4.05 

6.35 

11.30 

9.45 

6.50 

7.75 

10.35 

6,85 

March 

5.05 

4.75 

3.00 

4.15 

6.55 

11.15 

9.40 

6.60 

8.65 

9.85 

6.92 

April 

4.90 

4.55 

2.90 

4.25 

6.95 

9.50 

8.55 

6.80 

8.55 

9.75 

6.67 

May 

4.80 

3.85 

2.50 

3.75 

6.45 

7.50 

8.70 

6.25 

8.25 

8.75 

6.08 

June 

4.80 

3.10 

2.40 

4.15 

7.25 

7.80 

8.95 

5.90 

7.65 

8.75 

6.08 

Julv 

5.20 

2.70 
2.75 

2.55 
2.60 

4.25 
3.80 

8.55 
8.90 

9.25 
10.85 

9.40 
9.85 

6.05 
6.35 

8.35 
9.15 

8.95 
9.20 

6.53 

August 

5.35 

6.88 

September  .    .    . 

5.30 

2.80 

2.90 

4.20 

9.50 

11.70 

9.30 

6.15 

8.70 

9.25 

6.98 

October   .    .    .    . 

5.30 

2.80 

2.90 

4.10 

8.65 

12.20 

8.65 

5.85 

7.50 

9.30 

6.73 

November   .    .    . 

5.30 

2.65 

3.45 

4.50 

9.75 

11.15 

6.95 

5.75 

7.00 

9.10 

6.56 

December   .    .    . 

4.60 
5.06 

2.45 
3.54 

3.80 
2783 

5.05 
~  4.16 

10.05 

9.05 

5.85 

6.60 

8.35 

9.80|  6.56 

Yearly   aver. 

10.23 

8.69 

6.24 

8.04 

9.44 

6.61 

CHICAGO  WEAVY 

'  HOG  PRICES 

—Continued. 

Ten- 

1870. 

1871. 

1872. 

1873. 

1874. 

1875. 

1876. 

1877. 

1878. 

1879. 

yi-- 
av. 

January  .... 

9.05 

6.60 

4.35 

3.85 

5.20 

6.60 

7.15 

6.45 

4.05 

2.90 

5.62 

February     .    .    . 

9.00 

7.30 

4.45 

4.20 

5.35 

6.95 

7.95 

6.15 

3.90 

3.70 

5.90 

March 

8.55 

6.75 

4.45 

4.95 

5.30 

7.50 

8.55 

5.50 

3.70 

3.95 

5.92 

April 

8.80 

5.60 

4.25 

5.40 

5.50 

8.25 

8.05 

5.55 

3.55 

3.70 

5.87 

May 

8.75 

4.55 

4.05 

4.90 

5.50 

7.90 

7.15 

5.30 

3.30 

3.50 

5.49 

June 

8.60 

3.80 

3.90 

4.45 

5.55 

7.00 

6.05 

4.85 

3.50 

3.75 

5.15 

July 

9.00 

4.40 

4.05 

4.55 

6.05 

7.05 

7.00 

4.95 

4.10 

3.60 

5.48 

August 

9.50 

4.40 

4.65 

4.60 

6.90 

7.75 

6.15 

5.05 

4.25 

3.40 

5.67 

September  .    .    . 

9.30 

4.45 

4.90 

4.50 

7.25 

8.00 

6.00 

5.30 

3.95 

3.45 

5.71 

October   .... 

7.90 

4.30 

4.60 

4.30 

6.00 

7.95 

5.90 

5.35 

3.45 

3.60 

5.34 

November   .    .    . 

6.85 

4.00 

4.25 

3.85 

6.50 

7.30 

5.75 

4.70 

2.95 

3.85 

5.00 

December   .    .    . 

6.15 

4.15 

3.75 

4.70 

6.85 

6.95 

5.95 

4.25 

2.70 

4.55 

5.00 

Yearly   aver. 

8.46 

5.03 

4.31 

4.53 

6.00 

7.44 

6.81 

5.29 

3.62 

3.67 

5.51 

CHICAGO  HEAVY  HOG  PRICES— Continued. 


1880. 


1881.11882. 


1883. 


1884. 


1885, 


1886. 


1887. 


1888. 


1889. 


January  . 
February 
March   .    . 
April    .    .    . 
May  .    .    . 
June  .   .    . 
July  .    .    . 
August  .    . 
September 
October  . 
November 
December 


4.60 
4.45 
4.45 
4.50 
4.30 
4.30 
4.55 
4.95 
5.25 
4.85 
4.75 
4.75 


5.15 
5.90 
5.90 
5.95 
6.05 
5.90 
6.40 
6.50 
6.75 
6.60 
6.20 
6.15 


6.60 

6.80 

6.80 

7.10 

7.70 

7.90 

8.20 

8.45 

8.40 

7.0 

6.75 

6.20 


6.35 
6.90 
7.25 
7.50 
7.30 
6.50 
5.65 
5.50 
5.20 
4.70 
4.75 
5.20 


5.85 
6.70 
6.50 
5.95 
5.55 
5.20 
5.25 
5.70 
5.20 
4.70 
4.45 
4.20 


Yearly    aver.    (  4.64|  6.13|  -7.38 


6.07 


5.44 


4.60 
4.60 
4.55 
4.55 
4.05 
4.00 
4.55 
4.55 
4.10 
3.80 
3.50 
3.65 


3.85 
4.05 
4.15 
4.00 
4.00 
4.15 
4.60 
4.45 
4.35 
4.10 
3.75 
4.25 


4.45 
5.20 
5.30 
5.00 
4.60 
4.55 
5.30 
4.75 
5.00 
4.50 
4.85 
5.20 


5.40 
5.35 
5.45 
5.50 
5.55 
5.55 
6.10 
6.20 
6.20 
6.05 
5.95 
5.20 


5.00 
4.70 
4.75 
4.75 
4.50 
4.35 
4.40 
4.15 
4.20 
4.25 
3.85 
3.60 


4.21i  4.14 


4.89 


5.71 


4.381 


Appendix 


117 


CHICAGO  HEAVY  HOG  PRICES— Continued. 


1 

1 

Ten- 

1890. 

1891. 

1892. 

1893. 

1894. 

1895. 

1896. 

1897. 

1898. 

1899. 

yr. 
av. 

% 

$ 

$ 

$ 

$ 

$ 

$ 

? 

$ 

1 

$ 

January   .    .    .    . 

3.70 

3.55 

4.25 

7.45 

5.30 

4.25 

3.95 

3.35 

3.65 

3.75 

4.32 

February     .    .    . 

3.95 

3.50 

4.60 

7.95 

5.10 

4.15 

4.10 

3.35 

4.00 

3.80 

4.45 

March 

4.10 

4.20 

4.55 

7.55 

4.75 

4.60 

3.90 

3.85 

3.90 

3.80 

4.52 

April 

4.25 

4.80 

4.50 

7.05 

5.00 

4.90 

3.55 

4.05 

3.90 

3.85 

4.59 

May 

4.05 

4.65 

4.55 

7.40 

4.90 

4.55 

3.30 

3.75 

4.35 

3.90 

4.54 

June 

3.75 

4.50 

5.00 

6.65 

4.75 

4.65 

3.15 

3.40 

4.10 

3.80 

4.38 

July 

3.75 

5.10 
5.10 

5.65 
5.40 

5.60 
5.05 

5.30 
5.35 

5.10 
4.65 

3.05 
3.05 

3.50 
3.90 

3.95 
3.90 

4.25 
4.55 

4.58 

August  .   .   .   .   . 

3.80 

4.48 

September  .    .    . 

4.35 

4.90 

5.15 

6.00 

5.85 

4.10 

2.90 

4.00 

3.85 

4.40 

4.55 

October    .    ,    .    . 

4.05 

4.50 

5.35 

6.40 

5.15 

3.85 

3.25 

3.75 

3.70 

4.30 

4.43 

November   .    .    . 

3.S0 

3.85 

5.50 

5.70 

4.35 

3.55 

3.25 

3.40 

3.45 

3.90 

4.08 

December   .    .    . 

3.40 

3.65 

6.15 

5.65 

4.35 

3.50 

3.25 

3.35 

3.40 

4.05 

4.08 

Yearly   aver. 

3.92 

4.36 

5.06 

6.54 

5.02 

4.33 

3.39 

3.64 

3.85 

4.03 

4.41 

CHICAGO  HEAVY  HOG  PRICES— Continued. 


Ten- 

1900. 

1901. 

1902. 

1903. 

1904. 

1905. 

1906. 

1907. 

1908. 

1909. 

yr. 

av. 

January   .    .    .    . 

4.55 

5.25 

6.40 

6.60 

4.95 

4.70 

5.40 

6.60 

4.45 

6.20 

5.51 

February     .    .    . 

4.90 

5.40 

6.30 

7.00 

5.25 

4.90 

6.00 

7.05 

4.50 

6.45 

5.78 

March 

5.00 

5.90 

6.50 

7.45 

5.50 

5.20 

6.30 

6.65 

5.05 

6.80 

6.04 

April 

5.55 

5.85 

7.10 

7.30 

5.15 

5.45 

6.50 

6.60 

5.85 

7.30 

6.27 

May 

5.30 

5.80 
6.00 

7.00 
7.50 

6.60 
6.05 

4.75 
5.05 

5.40 
5.30 

6.45 
6.55 

6.35 
6.05 

5.50 
5.80 

7.40 
7.80 

6.06 

June 

5.20 

6.13 

July 

5.25 

5.90 
5.95 

7.80 
7.25 

5.45 
5.30 

5.35 
5.25 

5.60 
5.90 

6.60 
6.15 

5.90 
5.90 

6.55 
6.60 

7.90 
7.60 

6.23 

August 

5.20 

6.11 

September  .    .   . 

5.25 

6.65 

7.55 

5.75 

5.70 

5.40 

6.15 

5.80    6.90 

8.10 

6.33 

October   .    .    .    . 

4.80 

6.10 

7.00 

5.40 

5.35 

5.10 

6.40 

6.05    6.05 

7.85 

6.01 

November  .    .    . 

4.80 

5.70 

6.35 

4.60 

4.80 

4.80 

6.20 

4.90    5.90 

8.10 

5.62 

December   .    .    . 

4.75 

6.20 

6.35 

4.50 

4.50 

4.90 

6.25 

4.65    5.75 

8.45 

5.63 

Yearly   aver. 

5.05|  5.89 

6.93 

6.00 

5.14 

5.23 

6.25 

6.04    5.74 

7.50 

5.97 

CHICAGO  HEAVY  HOG  PRICES— Continued. 


January  . 
February 
March  .  . 
April  .  . 
May  .  .  . 
June  .  .  . 
July  .  .  . 
August  .  . 
September 
October  . 
November 
December 


1910.1911.1912. 


8.70 
9.20 
10.65 
10.00 
9.50 
9.35 
8.60 
8.25 
8.70 
8.45 
7.75 
7.65 


Yearly   aver.    |  "8.89 


7.85 
7.25 
6.70 
6.15 
5.85 
6.15 
6.65 
7.15 
6.75 
6.50 
6.35 
6.25 
6.64 


6.30 
6.25 
7.10 
7.85 
7.70 
7.50 
7.60 
8.05 
8.30 
8.65 
7.75 
7.45 
7.54 


1913.1914. 


7.40 
8.05 
8.75 
8.80 
8.40 
8.50 
8.95 
8.10 
8.10 
8.15 
7.801 
7.701 


1915. 1916. 1917. 


8.35 
8.55 
8.60 
8.50| 
8.30! 
8.15 
8.60 
8.75 
8.60 
7.55 
7.50 
7.10 


6.80 
6.70 
6.65 
7.05 
7.40 
7.35 
6.95 
6.70 


7.30 
8.30! 
9.60 
9.70 

9.851 
9.75 
9.75 
10.20 
7.2010.551 
7.751  9.85| 
6.851  9.85J 
6.6010.001 


11.00 
12.50 
14.90 
15.80 
16.00 
15.65 
15.20 
17.00 
18.30 
17.25 
17.60 
16.95 


19181.1919 


16.40 
16.70J 
17.00 
17.40 
17.45 
16.50 
17.70 
18.90* 
19.55| 
17.55' 
17.701 
17.551 


17.60 
17.65 
19.00 
20.30 
20.60 
20.30 
21.65 
19.75 
17.25 
14.25 
14.10 
13.50 


Ten- 

yr. 

av. 


8.23|  8.221  7.00|  9.56|15.68|17.53|18.00 


9.77 
10.12 
10.91 
11.16 
11.11 
10.92 
11.17 
11.29 
11.33 
10.60 
10.31 
10.08 
10.73 


118 


Agricultural  Prices 


CHICAGO  CORN  PRICES. 


Ten- 

1860. 

1861. 

1862. 

1863. 

1864. 

1865. 

1866. 

1867. 

1868. 

1869. 

yr. 
av. 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

January  .    .    .    . 

.48 

.29 

.23 

.47 

.82 

.90 

.38 

.70 

.86 

.55 

.568 

February     .    .    . 

.41 

.28 

.23 

.51 

.89 

.88 

.35 

.68 

.82 

.56 

.561 

IMarch 

.42 

.27 

.24 

.50 

.79 

.79 

.37 

.74 

.83 

.54 

.549 

April 

.46 

.30 

.26 

.47 

.92 

.63 

.42 

.93 

.82 

.54 

.575 

May 

.48 

.33 
.23 

.27 
.26 

.48 
.48 

1.04 
1.15 

.54 
.52 

.48 
.51 

.96 

.88 

.88 
.85 

.58 
.62 

.604 

June 

.46 

.596 

Julv 

.43 

.23 

.28 

.48 

1.30 

.56 

.56 

.80 

.88 

.81 

.633 

August 

.40 

.23 

.33 

.49 

1.26 

.67 

.56 

.90 

.97 

.90 

.671 

September  .    .    . 

.37 

.21 

.29 

.60 

1.30 

.60 

.54 

1.00 

.94 

.84 

.669 

October    .    .    .    . 

.38 

.22 

.34 

.79 

1.25 

.49 

.66 

1.06 

.87 

.67 

.673 

November   .    .    . 

.32 

.22 

.31 

.88 

1.35 

.52 

.87 

.97 

.76 

.73 

.693 

December   .    .    . 

.28 

.24 

.37 

.93 

.97 

.43 

.76 

.84 

.64 

.76 

.622 

Yearly   aver. 

.407 

.254 

.284 

.590 

1.082 

.628 

.540 

.872 

.843 

.675 

.618 

CHICAGO  CORN  PRICES— Continued. 


Ten- 

1870. 

1871. 

1872. 

1873. 

1 

1874. 

1875. 

1876. 

1877. 

1878. 

1879. 

yr. 
av. 

January   .    .    .    . 

.72 

.47 

.41 

.31 

.55 

.66 

.43 

.44 

.42 

.30 

.471 

February     .    .    . 

.70 

.52 

.40 

.31 

.58 

.64 

.41 

.42 

.40 

.32 

.470 

March 

.72 

.54 

.38 

.32 

.60 

.66 

.44 

.40 

.42 

.33 

.481 

April 

.82 

.54 

.40 

.34 

.63 

.71 

.47 

.46 

.40 

.32 

.509 

May 

.87 

.54 
.53 

.46 

.49 

.39 
.34 

.62 
.60 

.71 
.67 

.47 
.45 

.53 
.46 

.40 
.36 

.34 
.36 

533 

June 

.83 

.509 

Julv 

.83 

.51 

.41 

.36 

.62 

.70 

.46 

.48 

.38 

.36 

.511 

August 

.74 

.45 

.41 

.39 

.67 

.69 

.45 

.45 

.39 

.33 

.497 

September  .    .   . 

.64 

.47 

.36 

.40 

.77 

.59 

.45 

.44 

.36 

.35 

.483 

October    .    .    .    . 

.60 

.47 

.33 

.38 

.76 

.55 

.     44 

.43 

.34 

.41 

.471 

November   .    .    . 

.61 

.46 

.33 

.38 

.77 

.52 

.44 

.45 

.32 

.42 

.470 

December   .    .    . 

.50 

.41 

.31 

.50 

.78 

.49 

.45 

.     44 

.31 

.41 

.460 

Yearly   aver. 

.715 

.492 

.381 

.368 

.662 

.632 

.446 

.450 

.375 

.354|  .487 

CHICAGO  CORN  PRICES— Continued. 


Ten- 

1880. 

1881. 

1882. 

1883. 

1884. 

1885. 

1886. 

1887. 

1888. 

1889. 

yr. 
av. 

January   .    .    .    . 

.     39 

.37 

.62 

.60 

.54 

.37 

.37 

.36 

.49 

.34 

.445 

February     .    .    . 

.37 

.37 

.58 

.57 

.     54 

.37 

.37 

.35 

.47 

.35 

.434 

March 

.35 

.40 

.64 

.56 

.52 

.39 

.37 

.37 

.49 

.34 

.443 

April 

.34 

.42 

.74 

.53 

.50 

.45 

.37 

.38 

.52 

.34 

.459 

Mav 

.37 

.43 

.73 

.55 

.55 

.47 

.36 

.38 

.57 

.34 

.475 

June 

.36 

.45 

.72 

.54 

.54 

.47 

.35 

.37 

.51 

.34 

.465 

July 

.36 

.48 

.78 

.50 

.53 

.47 

.40 

.36 

.48 

.36 

.472 

August 

.38 

.57 

.77 

.52 

.53 

.45 

.42 

.40 

.45 

.35 

.484 

September  .    .    . 

.40 

.67 

.67 

.50 

.69 

.43 

.39 

.42 

.43 

.33 

.493 

October    .    .    .    . 

.40 

.68 

.65 

.48 

.50 

.42 

.35 

.42 

.43 

.32 

.465 

November  .    .    . 

.42 

.61 

.68 

.52 

.40 

.43 

.35 

.44 

.39 

.46 

.470 

December   .    .    . 

.39 

.61 

.55 

.     59 

.37 

.39 

.37 

.49 

.35 

.32 

.443 

Yearly   aver. 

.378 

.505 

.6781  .539 

.518 

.426 

.373 

.395 

.465 

.349 

.463 

Appendix 


119 


CHICAGO  CORN  PRICES— Continued. 


Januai"y  . 
February 
March  .  . 
April  .  . 
May  .  .  . 
June  .  .  . 
July  .  .  . 
August  .  . 
September 
October  . 
November 
December 


1       I       !        I 

1890.  1891.11892.11893.11894 


.29 
.28 
.29 
.31 
.34 
.34 
.40 
.48 
.48 
.51 
.51 
.50 


$ 

.49 

.52 

.62 

.71 

.62 

.58 

.62 

.63 

.58 

.55 

.64 

.49 


$ 

.38 
.40 
.39 
.41 
.70 
.51 
.50 
.52 
.46 
.42 
.42 
.41 


.42 
.42 
.41 
.41 
.42 
.40 
.39 
.38 
.40 
.39 
.37 
.35 


Yearly    aver.    |  .394|  .588]  .460]  .397 


$ 

.35 

.35 

.36 

.38 

.38 

.40 

.44 

.53 

.53 

.51 

.50 

.46 


1895. 


.43 
.41 
.44 
.47 
.52 
.50 
.45 
.40 
.34 
.30 
.28 
.26 


1896. 


$ 

.27 
28 
.29 
.30 
.29 
.27 
.26 
.23 
.21 
.24 
.24 
.23 


1897. 


$ 

.23 

.23 

.24 

.24 

.24 

.24 

.26 

.30 

.30 

.27 

.27 

.26 


433    .4001  .2591  .257 


1898.1899, 


.27 
.29 
.29 
.32 
.35 
.32 
.34 
.32 
.30 
.31 
.33 
.36 


$ 

.37 

.35 

.35 

.35 

.33 

.34 

.33 

.32 

.33 

.32 

.32 

.31 


Ten- 
yr. 
av. 


.350 
.353 
.368 
.390 
.419 
.390 
.399 
.411 
.393 
.382 
.388 
.363 


.317]  .3351  .384 


CHICAGO  CORN  PRICES— Continued. 


January  . 
February 
March  .  . 
April  .  . 
May  .  .-  . 
June  .  .  . 
July  .  .  . 
August  .  . 
September 
October  . 
November 
December 
Yearly   aver. 


1900, 


.31 
.33 
.36 

.40 
58 


1901 


.37 
.39 
.42 
.45 
.51 


40  .43 
.51 
.57 
.57 
.56 
.61 
.65 


.42 
.39 
.41 
.39 
.42 
.38 


1902 


.61 
.59 
.59 
.61 
.62 
.66 
.72 
.57 
.60 
.58 
.55 
.51 


383    .5041  .601    .4631  .506 


1903.11904. 


.46 
.44 
.44 
.44 
.45 
.50 
.51 
.52 
.49 
.45{ 
.43 
.42 


.45 
.50 
.53 
.51 
.49 
.49 
.49 
.54 
.53 
.54 
.54 
.46 


1905. 


.43 
.44 
.47 
.48 
.56 
.54 
.56 
.55 
.53 
.52 
.49 
.46 


1906, 


.42 
.41 
.42 
.46 
.49 
.52 
.49 
.51 
.50 
.49 
.46 
.46 


503    .469 


1907 


.42 
.44 
.44 
.48 
.53 
.53 
.54 
.58 
.62 
.61 
.58 
.60 


1908.11909, 


Ten- 

yr. 

av. 


.06 

.62 

.b6 
.66 

.67 

.70 

.75 

.74 

.71 

.74 

.74 

.71 

.79 

.68 

.80 

.66 

.73 

.61 

.64 

.63 

.60 

.64 

.466 
.475 
.495 
.520 
.552 
.552 
.569 
.570 
.571 
.548 
.535 
.518 


531    .6851  .6671  .531 


CHICAGO  CORN  PRICES— Continued. 


^ 

1          1  Ten- 

1910. 

1911. 

1912. 

1913. 

1914. 

1915. 

1916.  1917. 

1918|.1919. 

yr. 
av. 

January   .    .    .    . 

.6b 

.47 

.67 

.49 

.63 

.73 

.76      .99 

1.81    1.401  .860 

February     .    .    . 

.6b 

.47 

.65 

.50 

.62 

.73 

.76    1.01 

1.75    1.31    .845 

March 

.63 

.47 

.70 

.52 

.67 

.73 

.74    1.12 

1.72    1.51    .881 

April 

.b9 

.50 

.78 

.56 

.67 

.76 

.77 

1.45 

1.66    1.631  .937 

May 

.60 

.54 

.79 

.58 

.70 

.77 

.74 

1.64 

1.62    1.77    .975 

June 

.b9 

.56 

.74 

.61 

.71 

.74 

.74    1.71    I.59J   1.921   .991 

July 

August 

.63 

.63 

.72 

.64 

.72 

.79 

.81    2.00    1.651  2.19 

1  07S 

.63 

.64 

.78 

.73 

.80 

.79 

.85    1.97    1.71|   1.95 

1.085 

September  .    .    . 

.55 

.67 

.74 

.75 

.78 

.72 

.87    2.10    1.59|   1.53 

1.030 

October    .    .    .    . 

.bO 

.72 

.64 

.70 

.74 

.63 

1.00    1.99    1.38|  1.39 

.969 

November   .    .    . 
December  ,    .    . 

.bO 

.73 

.54 

.73 

.70 

.65 

1.02    2.10    1.37    1.47 

.981 

.48 

.70 

.51 

.70 

.65 

.72 

.92    1.73    1.45    1.47 

.933 

Yearly   aver. 

.584 

.592 

.689 

.626 

.699 

.730 

.832|1.650  1.608|1.628 

.964 

120 


Agricultural  Prices 


CHICAGO  CORN-HOG  RATIOS  BY  DECADES. 


JauuaiT  . 
February 
March  .  . 
April  .  . 
May  .  .  . 
June  .  .  . 
July  .  .  . 
August  .  . 
September 
October  . 
November 
December 


1860-I1870-|1880- 
1869.|l879.il889, 


1890- 
1899. 


11.5 
12.2 
12.6 
11.6 
10.1 
10.2 
10.3 
10.3 
10.4 
10.0 
9.5 
10.5 


11.9 
12.6 
12.3 
11.5 
10.3 
10.1 
10.7 
11.4 
11.8 
11.3 
10.6 
10.9 


11.7| 
12.6| 
12.41 
11.91 
11.3 
11.3] 
11.7 
11.4 
11.1 
11.0 
10.2 
10.9 


12.3 
12.6 
12.3 
11.8 
10.8 
11.2 
11.4 
10.9 
11.6 
11.6 
10.5 
11.2 


1900- 
1909. 


11.8 
12.2 
12.2 
12.1 
11.0 
11.1 
11.0 
10.7 
11.1 
11.0 
10.5 
10.9 


1910- 
1919. 


11.4 
12.0 
12.4 
11.9 
11.4 
11.0 
10.4 
10.3 
11.1 
11.0 
10.6 
10.5 


Appendix 


121 


CHICAGO   OATS   PRICES. 


- 

1 

1           1 

ITen- 

1860. 

1861. 

1862. 

1863. 

1864. 

1865. 

1866.1 

1867. 

1868. 

1869. 

yr. 

av. 

$ 

1 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

% 

$ 

January   .    .    .    . 

.37 

.17 

.16 

.46 

.65 

.64 

.24 

.43 

.59 

.50 

.421 

February     .    .    . 

.33 

.17 

.17 

.57 

.65 

.     61 

.23 

.42 

.57 

.5b 

.427 

March 

.32 

.15 

.18 

.56 

.64 

.53 

.25 

.47 

.58 

.56 

.424 

April 

.31 

.17 

.19 

.59 

.67 

.42 

.28 

.58 

.60 

.56 

.437 

May 

.30 

.18 

.25 

.56 

.68 

.39 

.     32 

.70 

.69 

.62 

.469 

June 

.28 

.14 

.26 

.58 

.73 

.48 

.32 

.65 

.67 

.62 

.473 

July 

.27 

.15 

.27 

.56 

.78 

.44 

.30 

.62 

.67 

.68 

.474 

August 

.20 

.16 

.32 

.38 

.69 

.42 

.28 

.53 

.56 

.52 

.406 

September  .    ,    . 

.20 

.14 

.31 

.47 

.65 

.33 

.33 

.50 

.54 

.47    .394 

October    .    .    .    . 

.18 

.16 

.35 

.60 

.62 

.29 

.39 

.55 

.51 

.42    .407 

November   .    .    . 

.17 

.16 

.34 

.65 

.64 

.28 

.41 

.55 

.49 

.43    .412 

December   .    .    . 

.17 

.18 

.39 

.66 

.66 

.26]     .42 

.55 

.49 

.44    .422 

Yearly   aver. 

.259 

.161 

.266 

1  .554 

.672 

.424|  .314 

.546 

.580 

1  .531    .431 

CHICAGO  OATS  PRICES— Continued. 


1 

Ten- 

1870. 

1 

1871. 

1872. 

1873. 

1874. 

1875. 

1876. 

1877. 

1878. 

1879. 

yr. 
av. 

January   .    .    .    . 

1     .42 

.43 

.34 

.27 

.42 

.55 

.31 

.35 

.24 

.20 

3.53 

February     .    .    . 

.41 

.49 

.34 

.28 

.44 

.55 

.31 

.35 

.24 

.21 

.362 

March 

.39 

.52 

.33 

.28 

.45 

.56 

.33 

.33 

.24 

.23 

.366 

April 

.45 

.51 

.33 

.29 

.47 

.60 

.32 

.37 

.24 

.22 

.380 

May 

.51 

.50 
.51 

.39 
.41 

.34 
.31 

.49 

.48 

.65 
.60 

.30 
.30 

.42 
.46 

.26 
.24 

.27 

.413 

June 

.52 

.321   .415 

July    ...... 

.51 

.50 

.29 

.31 

.49 

.53 

.29 

.31 

.25 

.31 

.379 

August 

.42 

.32 

.30 

.29 

.44 

.48 

.31 

.25 

.23 

.24 

.328 

September  .   .   . 

.38 

.32 

.27 

.31 

.46 

.38 

.33 

.24 

.20 

.24 

.313 

October    .    .    .    . 

.38 

.33 

.24 

.32 

.50 

.36 

.33 

.23 

.19 

.29 

.317 

November   .    .    . 

.41 

.33 

.23 

.32 

.50 

.33 

.32 

.25 

.20 

.32 

.341 

December   .    .    . 

.41 

.34 

.26 

.39 

.55 

.32 

1     .34 

.25 

.20 

.35 

.341 

Yearly   aver. 

.434 

.425 

.311 

.309 

.474 

.493 

.316 

.318 

.228 

.267 

.357 

CHICAGO  OATS  PRICES— Continued. 


1 

1 

1 

1 

Ten- 

1880. 

1881. 

1882. 

1883.11884. 1885. 1886. 

1887. 

1888. 

1889. 

yr. 
av. 

January   .    .    .    . 

.38 

.31 

.44 

.37 

.33 

.27      .32 

.26 

.30 

.25 

.323 

February     ,    .    . 

.32 

.31 

.42 

.39 

.33 

.28      .29 

.25 

.29 

.26 

.314 

March 

.30 

.32 

.44 

.42 

.31 

.29      .30 

.24 

.29 

.25 

.316 

April 

.28 

.35 

.49 

.41 

.30 

.32      .27 

.25 

.30 

.23 

.320 

May 

.31 

.38 
.38 

.52 
.52 

.41 
.35 

.32 
.32 

.34      .28 
.33      .27 

.25 
.26 

.35 
.32 

.23 
.22 

.339 

June 

.29 

.326 

July 

.25 

.41 

.57 

.32 

.30 

.27      .30 

.26 

.31 

.22 

.321 

August 

.25 

.36 

.48 

.27 

.27 

.24      .26 

.25 

.28 

.20 

.286 

September  .    .   . 

.29 

.42 

.34 

.27 

.25 

.26      .25 

.25 

.24 

.19 

.276 

October    .    .    .    . 

.31 

.45 

.34 

.28 

.27 

.25      .24 

.26 

.24 

.19 

.283 

November  .    .    . 

.31 

.44 

.36 

.30 

.26 

.291     .26 

.28 

.26 

.20 

.296 

December  .    .    . 

.31 

.45 

.38 

.33 

.24 

.28|     .25 

.30 

.26 

.21 

.301 

Yearly   aver. 

1  .300 

.382 

1  .442 

.344 

.292 

.2851  .274 

.259 

.287 

.221 

.308 

1QO 


Agricultural  Prices 
CHICAGO  OATS  PRICES— Continued. 


i 

Ten- 

1890. 

1891. 

1892. 

1893.  1894. 

1895. 

1896. 

I 

1897. 

1898. 

1899.    yr. 
av. 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

? 

$ 

$ 

$ 

January  .    ,    ,    . 

.21 

.44 

.29 

.31 

.28 

.29 

.18 

.16 

.23 

.27 

.266 

February     ,    .    . 

.20 

.46 

.30 

.31 

.28 

.28 

.20 

.16 

.26 

.28 

.273 

March 

.21 

.51 

.29 

.30 

.30 

.29 

.19 

.17 

.26 

.26 

.278 

April 

.24 

.53 

.29 

.28 

.31 

.29 

.19 

.17 

.28 

.26 

.284 

INIav 

.27 

.50 
.40 
.33 
.30 

.31 
.32 
.32 
.33 

.31 
.29 
.26 
.24 

.35 
.42 
.38 
.31 

.30 

.28 
.24 
.21 

.19 
.17 

.17 
.17 

.18 
.18 
.18 
.18 

.28 
.24 
.23 
.21 

.26 
.25 
.22 
.21 

.295 

June 

.28 

.283 

July 

.31 

.264 

August 

.37 

.253 

September  .    .    . 

.37 

.28 

.33 

.26 

.29 

.19 

.16 

.20 

.21 

.22 

.251 

October    .    .    .    . 

.41 

.28 

.30 

.27 

.29 

.18 

.18 

.19 

.23 

.23 

.256 

November   .    .    . 

.43 

.32 

.31 

.28 

.29 

.19 

.19 

.21 

.26 

.23 

.271 

December   .    .    . 

.42 

.32 

.31 

.28 

.30 

.17 

.18 

.22 

.27 

.25 

.272 

Yearly   aver. 

.310 

.389 

.309 

.283 

.317 

.243 

.181 

.184 

.247 

.245|  .271 

CHICAGO  OATS  PRICES— Continued. 


1900.1901.1902.11903.1904. 


1905. 


1906. 


1907, 


1908, 


1909. 


Ten- 
av. 


January  . 
February 
March  .  . 
April  .  . 
May  .  .  . 
June  .  .  . 
July  .  .  . 
August  .  . 
September 
October  . 
November 
December 
Yearly   aver. 


.231 

.231 
24! 
'.24 1 
.23 
.24 
.23 
.22 
.22 
.22 
.221 
.221 


.2291 


.24 

.42 

.33 

.25 

.43 

.35 

.26 

.43 

.33 

.27 

.43 

.34 

.29 

.45 

.36 

.28 

.44 

.39 

.33 

.43 

.39 

.36 

.28 

.35 

.35 

.27 

.37 

.36 

.29 

.37 

.41 

.29 

.36 

.45 

.31 

.36 

321 

.373 

.359 

.39 
.43 
.40 
.39 
.42 
.41 
.42 
.36 
.32 
.30 
.31 
.30 


.30 
.31 
.31 
.31 
.30 
.32 
.31 
.27 
.28 
.29 
.30 
.31 


.31 
.30 
.30 
.32 
.33 
.38 
.35 
.31 
.32 
.34 
.34 
.34 


.35 
.39 

.41 
.44 
.47 
.45 
.44 
.49 
.54 
.50 
.47 
.49 


.50 
.51 
.53 
.53 
.55 
.52 
.56 
.48 
.49 
.48 
.49 
.49 


.50 
.53 

.54 
.55 
.59 
.56 
.49 
.40 
.43 
.40 
.39 
.43 


.357 
.373 
.375 
.382 
.399 
.399 
.395 
.352 
.359 
.355 
.358 
.370 


3711   .301    .3291  .454    .511 


.4841  .373 


CHICAGO  OATS  PRICES— Continued. 


1 

1 

1 

1 

1 

Ten- 

1 

1910. 

1911. 

1912. 

1913. 

1914. 

1915. 

1916. 

1917. 

1918| 
.82 

1919. 
.65 

yr. 
av. 

January   .... 

.47 

.32 

.49 

.33 

.38 

.54 

.47 

.56 

.503 

February     .    .    . 

.48 

.31 

.52 

.34 

.39 

.57 

.46 

.54 

.     87 

.60 

.508 

March 

.45 

.30 

.53 

.33 

.39 

.57 

.45 

.59 

.91 

.64 

.516 

April 

.43 

.31 

.57 

.35 

.38 

.56 

.44 

.67 

.86 

.71 

.528 

May 

.40 

.34 
.40 

.54 
.52 

.39 

.41 

.40 
.39 

.53 

.48 

.44 
.39 

.67 
.66 

.76 
.76 

.71 
.71 

.518 

June 

.38 

.510 

July 

.42 

.43 

.50 

.40 

.37 

.54 

.40 

.77 

.75 

.76 

.534 

August 

.36 

.41 

.33 

.41 

.41 

.53 

.44 

.66 

.70 

.76 

.501 

September  .    .    . 

.33 

.44 

.33 

.42 

.48 

.37 

.46 

.59 

.72 

.70 

.484 

October    .... 

.31 

.46 

.32 

.39 

.47 

.38 

.50 

.59 

.69 

.73 

.484 

November   .    .    . 

.31 

.46 

.31 

.38 

.49 

.39 

.54 

.66 

.73 

.76 

.503 

December   .    .    . 

.31 

.47 

.32 

.39 

.48 

.42 

.50 

.76 

.71 

.84 

.520 

Yearly    aver. 

1  .388 

1  .388 

1  .440 

1  .379 

!  .419 

1  .490 

1  .458 

1  .644 

I   774 

.714 

.509 

Appendix 


123 


CHICAGO 

WHEAT 

PRICES. 

Ten- 

1860. 

1861. 

1862. 

1863. 

1864. 

1865. 

1866. 

1867. 

1868. 

1869.    yr. 
av. 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

1        $ 

January  .    .    .    . 

.98 

.76 

.66 

.96 

1.11 

1.40 

.87 

1.95 

1.63 

1.14  1.146 

February     .    .    . 

.97 

.75 

.72 

1.08 

1.11 

1.25 

.84 

1.90 

2.01 

1.161.179 

March 

1.01 

.77 

.73 

1.08 

1.10 

1.16 

.91 

2.04 

1.95 

1.131.188 

April 

1.04 

.86 

.72 

1.03 

1.19 

1.03 

.96 

1.93 

1.96 

1.07  1.179 

May 

1.06 

.94 

.71 

.95 

1.22 

1.05 

1.77 

2.14 

2.02 

1.131.299 

June 

1.04 

.63 

.72 

.94 

1.56 

1.06 

1.19 

1.96 

1.92 

1.16  1.218 

July 

1.00 

.62 
.67 

.79 

.87 

.92 
.86 

2.02 
1.91 

1.03!   1.00 

1.49 
1.75 

1.47 
1.72 

1.31  1.165 

August 

.83 

1.17 

1.41 

1.381.257 

September  .   .   . 

.85 

.69 

.81 

.94 

1.87 

1.24 

1.78|  1.79 

1.54 

1.231.274 

October   .    .    .    . 

.83 

.71 

.87 

1.05 

1.58 

1.22 

1.89 

1.90 

1.29 

1.021.236 

November  .    .    . 

.77 

.66 

.77 

1.04 

1.76 

1.13 

1.89 

1.76 

1.12 

.891.179 

December  .    .    . 

.74 

.64 

.83 

1.08 

1.52 

.92 

1.85 

1.46 

1.14 

.861.104 

Yearly   aver. 

1  .927 

.725 

.767 

.99411.495 

1.138 

1.361 

1.839 

1.647il. 1231. 202 

CHICAGO  WHEAT  PRICES— Continued. 


1 

Ten- 

1870. 

1871. 

1872. 

1873. ] 

L874. 

1875. 

1876. 

1877. 

1878. 

1879.    yr. 
av. 

January   .    .    .    . 

.79 

1.14 

1.23 

1.23 

1.22 

.89 

.99 

1.28 

1.06 

.83 

1.066 

February     .    .    . 

.81 

1.24 

1.24 

1.23 

1.19 

.85 

1.02 

1.29 

1.05 

.89 

1.081 

March 

.58 

1.24 

1.21 

1.20 

1.19 

.91 

1.01 

1.25 

1.08 

.92 

1.059 

April 

.80 

1.29 

1.25 

1.19 

1.24 

1.00 

1.02 

1.43 

110 

.89 

1.121 

May 

.95 

1.27 

1.48 

1.29 

1.23 

1.01 

1.03 

1.62 

1.10 

.97 

1.195 

June 

1.10 

1.26 

1.45 

1.22 

1.20 

.96 

1.05 

1.48 

.97 

1.04 

1.173 

July 

1.12 

1.20 

1.25 

1.18 

1.14 

1.12 

.96 

1.42 

.95 

.99 

1.133 

August 

1.09 

1.04 

1.37 

1.22 

1.02 

1.21 

.89 

1.14 

.99 

.86 

1.083 

September  .   .    . 

.99 

1.11 

1.21 

1.10 

.97 

1.13 

1.02 

1.13 

.87 

.94 

1.047 

October   .    .    .    . 

1.06 

1.22 

1.13 

1.04 

.89 

1.11 

1.10 

1.10 

.81 

1.12 

1.058 

November   .    .    . 

.81 

1.23 

1.07 

1.01 

.88 

1.08 

1.11 

1.08 

.82 

1.16 

1.025 

December   .    .    . 

1.06 

1.19 

1.14 

1.121 

.90 

.98 

1.19 

1.09 

.83 

1.29 

1.079 

Yearly   aver. 

1  .930 

1.202 

1.252 

1.1691.089 

1.020 

1.032 

1.275 

.969 

.9921.093 

CHICAGO  WHEAT   PRICES— Continued. 


January 
February 
March   . 
April     . 
May  .    . 
June  .   . 
July    .   . 
August  . 
September 
October   . 
November 
December 


1880.11881, 


1.25 

1.23 

1.21 

1.11 

1.15 

.97 

.92 

.89 

.91 

.98 

1.06 

1.01 


.98 
.98 
1.01 
1.02 
1.04 
1.10 
1.14 
1.29 
1.28 
1.3 
1.28 
1.27 


1882. 


1.30 

1.27 

1.30 

1.35 

1. 

1.30 

1.30 

1.09 

1.01 

.95 

.93 

.93 


1883. 


.99 

1.08 

1.07 

1.07 

1.11 

1.06 

1.01 

1.02 

.96 

.93 

.96 

.97 


1884. 


.92 
.93 
.88 
.85 
.90 
.87 
.82 
.80 
.76 
.76 
.73 
.73 


Yearly   aver.    |1.057jl.l45|1.175|1.019|  .829    .840 


1885. 


.79 
.77 
.77 
.85 
.88 
.87 
.88 
.84 
.82 
.88 
.87 
.86 


1886. 


1887. 


1888. 


.791 
.75 
.77 
.80 
.85 
.81 
.70 
.68 
.69 
.71 
.74 
.77 


.77 


765    .7551   .926 


I  Ten- 
1889.    yr. 
av. 


.961   .956 


.77 

1.01 

.960 

.76 

1.001  .956 

.     77 

.911  .949 

.86 

.86 

.968 

.82 

.83 

.937 

.82 

.81 

.917 

.88 

.78 

.903 

1.45 

.79 

.941 

1.11 

.80 

.920 

1.09 

.801  .921 

1.01 

.79 

.911 

.8621  .936 


124 


Agricultukal  Prices 


CHICAGO 

WHEAT  PRICES— Continued. 

Ten- 

1890. 

1891. 

1892. 

1893. 

1894. 

1895. 

1896. 

1897. 

1898. 

1899. 

yr. 
av. 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

January   .    .    .    . 

.76 

.91 

.87 

.75 

.61 

.55 

.62 

.83 

1.00 

.71 

.761 

February     .    .    . 

.76 

.95 

.88 

.74 

.58 

.54 

.67 

.80 

1.02 

.72 

.766 

March 

.79 

1.01 

.84 

.76 

.58 

.57 

.65 

.80 

1.03 

.70 

.773 

April 

.85 

1.09 

.81 

.79 

.     61 

.62 

.66 

.81 

1.12 

.73 

.809 

I\Iay 

.95 

1.03 
.96 

.83 
.83 

.72 
.65 

.57 
.59 

.73 

.77 

.62 
.60 

.83 
.75 

1.51 
.98 

.74 
.74 

,853 

June 

.89 

.776 

July       

.90 

.92 
1.00 

.78 
.77 

.60 
.60 

.55 
.55 

.68 
.65 

.58 
.58 

.74 
.91 

.77 
.70 

.72 

.72 

.724 

August 

.99 

.747 

September  .    .    . 

1.00 

.95 

.73 

.66 

.53 

.60 

.63 

.93 

.65 

.72 

.740 

October    .    .    .    . 

1.00 

.96 

.72 

.63 

.54 

.61 

.73 

.94 

.66 

.72 

.751 

November  .    .    . 

.95 

.94 

.71 

.61 

.57 

.59 

.83 

.96 

.67 

.68 

.751 

December  .    .    . 

.90 

.91 

.71 

.62 

.58 

.59 

.84 

1.01 

.66 

.67 

.749 

Yearly   aver. 

.895 

.969 

.790 

.678 

.572 

.625 

.668 

.859 

.898 

.714 

.767 

CHICAGO  WHEAT  PRICES— Continued. 


1 

Ten- 

1900. 

1901. 

1902.] 

1903.  1904. 

1905. 

1906. 

1907. 

1908. 

1909. 

yr. 

av. 

January   .    .    .    . 

.65 

.74 

.77 

.70      .87 

1.18 

.86 

.73 

.97 

1.06 

.853 

February     .    .    . 

.66 

.73 

.75 

.77 

.98 

1.19 

.83 

.80 

.95 

1.16 

.882 

March 

.66 

.75 

.78 

.73 

.96 

1.15 

.80 

.80 

.96 

1.22 

.881 

April 

.66 

.72 

.73 

.75 

.94 

1.03 

.85 

.81 

.94 

1.32 

.875 

May 

!     .66 

.73 

.74 

.78 

.97 

1.00 

.88 

.93 

1.05 

1.40 

.914 

June 

.77 

.71 

.74 

.80 

.99 

1.07 

.85 

.96 

.95 

1.45 

.929 

July 

.78 

.67 

.75 

.80 

1.03 

1.03 

.79 

.98 

.     88 

1.23 

.894 

August 

.74 

.72 

.72 

.84    1.07 

.96 

.74 

.93 

.93 

1.18 

.883 

September  .    .    . 

1     .76 

.70 

.83 

.84    1.14 

.87 

.74 

1.02 

1.01 

1.08 

.899 

October    .    .    .    . 

.74 

.69 

.72 

.82 

1.16 

.88 

.72 

1.07 

1.03 

1.12 

.895 

November  ,    .    . 

.72 

.72 

.74 

.81 

1.15 

.88 

.73 

.93 

1.05 

1.12 

.885 

December   .    .    . 

.72 

.76 

.75 

.82 

1.17 

.86 

.74 

1.02 

1.03 

1.17 

.904 

Yearly   aver. 

.710 

.720 

.752 

.78911.035 

1.008 

.793 

.915|  .979 

1.209 

.891 

CHICAGO 

WHEAT  PRICES— Continued. 

1 

1 

1 

1 

Ten- 

1910. 

1911. 

1912. 

1 

1913. 

1914. 

1915. 

1916. 

1917. 

1918| 

1919. 

yr. 
av. 

January  .... 

1.19 

1.02 

1.04 

1.02 

.93 

1.41 

1.29 

1.85 

2.18 

2.35 

1.428 

February     .    .    . 

1.19 

.97 

1.05 

1.01 

.94 

1.57 

1.24 

1.76 

2.19 

2.30 

1.422 

March 

1.19 

.93 

1.07 

.98 

.94 

1.51 

1.14 

1.93 

2.19 

2.36 

1.424 

April 

1.14 

.94    1.11 

1.00 

.94 

1.58 

1.21 

2.00 

2.19 

2.63 

1.474 

May 

1.09 

.97    1.17 

1.00 

.96 

1.50 

1.15 

3.02 

2.19 

2.73 

1.580 

June 

1.06 

.95    1.13 

1.00 

.89 

1.30 

1.08 

2.67 

2.19 

2.39 

1.466 

July 

1.14 

.92    1.07 

.90 

.89 

1.31 

1.18 

2.55 

2.28 

2.26 

1.450 

August 

1.12 

1.01    1.01 

.89 

1.01 

1.15 

1.43 

2.56 

2.29 

2.25 

1.472 

September  .    .    . 

1.07 

1.01      .99 

.92 

1.16 

1.08 

1.56 

2.24 

2.26 

2.54 

1.483 

October    .... 

1.03 

1.06 

1.01 

.89 

1.10 

1.10 

1.80 

2.19 

2.26 

2.55  1.499 

November   .    .    . 

.99 

1.01 

.96 

.91 

1.15 

1.09 

1.83 

2.19 

2.26 

2.73  1.512 

December  .    .    . 

1.00 

1.01 

.98 

.92 

1.22 

1.17 

1.66 

2.19 

2.32 

2.92|1.539 

Yearly   aver. 

1.100 

.984 

1.059 

.954 

1.010|1.314 

1.381 

2.262 

2.240 

2.500|1.480 

Appendix 


125 


PRICES   DURING  1862-1878. 

Prices  during  the  1862-1878  period  are  generally  given  in  currency,  and 
the  currency  of  that  period,  unfortunately,  had  a  fluctuating  gold  value, 
just  as  the  British  pound  has  today.  In  order  that  our  readers  may  be 
able  to  convert  the  currency  prices  of  1862-1878  into  terms  of  gold,  we  are 
publishing  the  following  table: 

AMOUNT   OF   GREENBACK    CURRENCY    NECESSARY    TO    BUY    ONE 

DOLLAR  IN  GOLD  IN   UNITED  STATES,  FROM   1862-1878, 

INCLUSIVE. 


1862. 

1863. 

1864.11865. 
[ 

1866. 

1867. 

1868. 

1869. 

\ 

1870. 

January  

$1.02 

$1.48i$1.56t$2.16 

$1.37 
1.39 
1.31 
1.27 
1.34 
1.53 
1.52 
1.50 
1.45 
1.50 
1.45 
1.37 

$1.35 
1.38 
1.37 
1.38 
1.37 
1.38 
1.40 
1.41 
1.43 
1.43 
1.41 
1.36 

$1.38 
1.42 
1.40 
1.39 
1.40 
1.40 
1.43 
1.47 
1.43 
1.38 
1.35 
1.36 

$1.36  S1.21 

February     

March 

1.03 
1.02 

1.63 
1.56 
1.52 
1.50 
1.45 
1.34 
1.26 
1  35 

1.59    2.02 
1.64    1.75 

1.34 
1.32 
1.33 
1.40 
1.38 
1.36 
1.34 
1.43 
1.30 
1.28 
1.22 

1.18 
1.13 

April 

1.02 

1.76 
1.79 
2.22 
2.54 
2.47 
2.23 
2.09 
2.35 
2.28 

1.49 
1.37 
1.42 
1.43 
1.42 
1.45 
1.47 
1.48 
1.47 

1.14 

May 

1.02 
1.07 
1.14 

1.15 

June 

1.13 

July 

1.17 

August 

1.15 
1.20 

1.18 

September 

1.15 

October 

1.28    1.49 
1.31    1  49 

1  13 

November 

1.12 

December 

1.32 

1.51 

1 11 

GREENBACK  CURRENCY— Continued. 


1871.1872.1873.1874, 


1875.1876. 


1877, 


1878. 


January  . 
February 
March  .    . 
April     .    . 
May  .    .    . 
June  .   .   . 
July    .   .   . 
August  .   . 
September 
October    . 
November 
December 


1.111 

12 

111 

11 

12 

13 

13| 

121 

1.14| 

1.14 

1.11 

1.10 


1.10 

1.11 
1.11 

1.12 
1.13 
1.14 
1.14 
1.14 
1.14 
1.14 
1.13 
1.13 


1.13 
1.14 
1.17 
1.18 
1.18 
1.17 
1.16 
1.15 
1.14 
1.10 
1.09 
1.11 


1.11 
1.12 
1.13 
1.13 
1.13 
1.12 
1.10 
1.10 
1.10 
1.10 
1.11 
1.12 


1.13 
1.14 
1.16 
1.15 
1.16 
1.17 
1.14 
1.14 
1.15 
1.16 
1.15 
1.14 


1.13 
1.14 
1.15 
1.13 
1.13 
1.13 
1.12 
1.11 
1.10 
1.11 
1.09 
1.08 


1.06 
1.06 
1.05 
1.07 
1.07 
1.07 
1.06 
1.05 
1.04 
1.03 
1.03 
1.03 


1.02 
1.02 
1.02 
1.01 
1.01 
1.01 
1.01 
1.00 
1.00 
1.00 
1.00 
1.00 


CHICAGO  TEN-YEAR  AVERAGE   DAILY  PRICES,  1904-1913. 

Compiling  the  tables  on  pages  126-133  involved  considerable  work,  but 
it  is  believed  that  for  studying  seasonal  trends  and  normal  relationships 
at  different  times  of  the  year,  these  figures  are  very  valuable.  As  a  mat- 
ter of  interest,  a  few  future  contract  prices  are  averaged.  It  will  be  noted 
that  the  future  prices  differ  considerably  from  the  cash  prices  until  the 
date  of  the  delivery  month  draws  near,  when  the  future  and  the  cash 
prices  become  almost  identical.  Before  the  war,  the  future  contract  sys- 
tem worked  very  well,  but  during  the  war  it  was  rather  unsatisfactory. 
There  is  an  interesting  field  of  study  in  the  seasonal  trend  of  northern 
wheat  (spring)  as  compared  with  red  wheat  (winter). 


126 


Agricultural  Prices 


CHICAGO  TEN-YEAR  AVERAGE  DAILY  PRICES,  1904-1913. 
JANUARY. 


03 

(M 

^2 

c! 

o 

'O 

'^ 

CO 

w 

m 

6  ^ 

2» 

o 

c 

u 

P. 

bD 

c3 

.o 

03 

X2 

.<-> 
rt 

^^ 

^"T 

O  ^ 

o 

o 

a 

h3 

J 

5 

5 

o  ^ 

O^ 

C3  ^^ 

Q 

bo 
o 

AS 

y 
a 

Oh 

CD 

►-5 

lis 

«2  w 

^5 

3 

51.2 

$6.32 

?5.81 

$8.94 

$8.26 

38.7 

99.0 

99.0 

4 

51.2 

6.34 

5.85 

8.97 

\    8.31 

88.9 

99.4 

99.2 

5 

51.3 

6.37 

5.84 

8.97 

8.32 

38.9 

100.0 

99.1 

6 

51.4 

6.37 

5.85 

9.01 

8.35 

39.0 

100.2 

99.9 

7 

51.6 

6.42 

5.90 

8.99 

8.35 

39.1 

100.2 

99.3 

S 

51.« 

6.41 

5.90 

8.90 

1     8.33 

39.0 

100.1 

99.2 

9 

51.5 

6.40 

5.90 

S.94 

8.34| 

39.1 

100.2 

99.4 

10 

51.9 

6.34 

5.87 

8.93 

8.33 

39.0 

100.4 

99.2 

11 

52.0 

6.28 

5.81 

8.94 

8.35 

39.4 

100.2 

99.3 

12 

52.2 

6.31 

5.81 

8.95 

8.38 

39.3 

100.2 

99.4 

13 

52.3 

6.34 

5.84 

8.97 

8.38 

39.4 

100.0 

99.2 

14 

52.3 

6.37 

5.85 

9.00 

8.40 

39.5 

100.3 

99.5 

15 

52.2 

6.40 

5.87 

8.97 

8.43 

39.5 

99.9 

99.3 

16 

52.2 

.  6.39 

5.88 

8.97 

8.42 

39.7 

100.0 

99.3 

17 

52.4 

6.39 

5.88 

9.00 

8.44 

39.8 

100.1 

99.3 

18 

52.1 

6.40 

5.89 

8.96 

8.45 

39.7 

100.3 

99.3 

19 

52.3 

6.41 

5.89 

8.90 

8.45 

39.7 

100.1 

99.1 

20 

51.9 

6.38 

5.87 

8.97 

8.46 

39.8 

100.1 

99.3 

21 

52.0 

6.39 

5.8S 

8.97 

8.46 

40.0 

100.3 

99.5 

22 

52.0 

6.38 

5.88 

8.92 

8.43 

40.0 

100.1 

99.1 

23 

51.9 

6.36 

5.87 

8.91 

8.43 

39.8 

100.1 

99.6 

24 

51.9 

6.38 

5.90 

8.94 

8.46 

39.9 

100.1 

99.6 

25 

51.9 

6.41 

5.92 

8.931 

8.481 

39.9 

100.0 

99.3 

26 

51.9 

6.40 

5.91 

8.95 

8.48 

39.9 

99.9 

99.2 

27 

51.8 

6.42 

5.92 

8.96 

8.50 

39.9 

100.0 

99.2 

28 

51.9 

6.41 

5.91 

8.95 

8.47 

39.7 

100.2 

99.5 

29 

51.9 

6.41 

5.90 

8.95 

8.48 

40.0 

iOO.4 

99.7 

30 

51.9 

6.44 

5.91 

8.97 

8.50 

40.1 

100.4 

99.7 

31 

51.8 

6.48 

5.94 

8.90 

8.50 

40.0 

100.1 

99.5 

Av.l     51.9 

6.38 

5.88 

8.96 

8.40 

39.5 

100.1 

99.3 

FEBRUARY. 


1 

51.6 

6.49 

5.95 

8.89 

8.49 

39.9 

100.0 

100.2 

2 

52.0 

6.48 

5.95 

8.95 

8.54 

40.1 

100.2 

100.4 

3 

52.4 

6.47 

5.97 

8.96 

8.54 

40.2 

100.3 

100.4 

4 

52.8 

6.49 

5.99 

8.97 

8.54 

40.4 

100.6 

100.6 

5 

52.9 

6.52 

6.00 

8.95 

8.53 

40.4 

100.6 

100.9 

6 

52.7 

6.53 

6.03 

8.96 

8.52 

40.6 

100.7 

101.0 

7 

52.6 

6.53 

6.02 

8.95 

8.52 

40.7 

101.0 

101.1 

8 

52.5 

6.56 

6.08 

8.92 

8.51 

40.7 

100.9 

101.0 

9 

52.6 

6.56 

6.07 

9.02 

8.56 

40.8 

101.0 

101.2 

10 

52.5 

6.60 

6.12 

8.98 

8.54 

40.9 

101.0 

101.3 

11 

52.4 

6.63 

6.16 

8.98 

8.55 

40.8 

101.0 

101.3 

12 

52.4 

6.61 

6.13 

8.96 

8.53 

40.8 

100.9 

101.1 

13 

52.4 

6.02 

6.13 

8.94 

8.52 

40.8 

100.7 

101.0 

14 

52.5 

6.61 

6.13 

8.96 

8.53 

40.9 

100.5 

101.0 

15 

52.7 

6.62 

6.15 

8.96 

8.52 

40.9 

100.9 

101.3 

16 

52.7 

6.64 

6.17 

8.94 

8.51 

40.8 

101.0 

101.4 

Appendix  127 

CHICAGO  TEN- YEAR  AVERAGE  DAILY  PRICES,  1904-1913— Continued. 
FEBRUARY— Continued. 


to 

If 

<M 

^  w 

c 

o 

T3 

05 

m 

en 

O^ 

°" 

o 

s-> 

P. 

be 

C3 

rt 

^ 

£i 

4-) 

4-> 

03 

Z    03 

Z-^ 

o3 

o 
o  to 

o 

Eh 
bC 

o 

c 

CO 

O 

,£3 
CO 

cd 
O 

•-5 

o 

^3 

17 

52.7 

$6.65 

$6.18 

$8.96 

$8.53 

40.7 

100.71  101.1 

18 

52.8 

6.67 

6.18 

8.95 

8.53 

40.7 

100.3 

100.8 

19 

52.7 

6.67 

6.19 

8.96 

8.55 

41.1 

100.5 

101.0 

20 

52.7 

6.68 

6.21 

8.95 

8.54 

41.1 

101.3 

101.6 

21 

52.8 

6.69 

6.21 

8.96 

8.56 

41.1 

101.3 

101.8 

22 

52.7 

6.71 

6.23 

8.98 

8.56 

41.1 

101.4 

101.8 

23 

52.9 

6.74 

6.25 

8.99 

8.56 

41.1 

101.4 

101.3 

24 

53.0 

6.73 

6.26 

8.98 

8.56 

41.2 

101.6 

101.7 

25 

53.1 

6.75 

6.27 

9.00 

8.58 

41.3 

101.3 

102.0 

26 

53.1 

6.76 

6.29 

9.00 

8.58 

41.5 

101.4 

102.1 

27 

53.4 

6.72 

6.28 

9.03 

8.62 

41.7 

101.5   102.0 

28 

53.3 

6.80 

6.33 

9.04 

8.64 

41.6 

101.4   102.0 

Av. 

52.7 

6.63 

6.14 

8.96 

8.52 

40.91 

100.9|  101.2 

MARCH. 


1 

53.2J            J    6.79 

6.32 

9.04 

9.36 

8.50 

41.2i 

101.31  101.2 

2 

53.4J 

6.79 

6.33 

9.07 

9.37 

8.60 

41.6 

101.1 

101.3 

3 

53.2 

6.80 

6.34 

9.07 

9.39 

8.60 

41.3 

101.0 

101.0 

4 

53.4 

6.80 

•  6.34 

9.08 

9.39 

8.61 

41.0 

100.7 

100.8 

5 

53.6 

6.80 

6.35 

9.13 

9.41 

8.64 

41.1 

100.1 

100.4 

6 

53.6 

6.87 

6.39 

9.17 

9.45 

8.66 

41.2 

99.9 

100.3 

7 

53.5 

6.90 

6.43 

9.13 

9.45 

8.68 

41.0 

99.61     99.7 

8 

53.8 

6.89 

6.40 

9.15 

9.42 

8.69 

41.2 

99.3 

99.2 

9 

53.8 

6.96 

6.45 

9.20 

9.47 

8.72 

41.1 

99.0 

99.0 

10 

54.1 

6.98 

6.45 

9.15 

9.44 

8.69 

41.1 

99.3 

99.6 

11 

54.1 

6.97 

6.48 

9.14 

9.43 

8.71 

40.9 

99.2 

99.7 

12 

54.3 

7.01 

6.52 

9.16 

9.44 

8.72 

40.9 

99.5 

99.9 

13 

54.5 

7.03 

6.52 

9.17 

9.45 

8.75 

40.9 

99.4 

99.8 

14 

54.5 

7.00 

6.52 

9.18 

9.47 

8.77 

41.1 

99.9 

100.1 

15 

54.5 

7.01 

6.52 

9.16 

9.44 

8.76 

40.8 

99.9 

99.8 

16 

54.2 

7.02 

6.53 

9.19 

9.41 

8.76 

40.7 

99.7 

99.6 

17 

54.4 

7.05 

6.54 

9.18 

9.42 

8.77 

40.5 

99.6 

99.7 

18 

54.1 

7.05 

6.55 

9.18 

9.42 

8.77 

40.5 

99.6 

99.6 

19 

54.5 

7.00 

6.57 

9.17 

9.42 

8.78 

40.9 

99.8 

99.7 

20 

54.4 

7.05 

6.54 

9.17 

9.40 

8.78 

41.0 

99.7 

99.7 

21 

.  54.2 

7.10 

6.61 

9.18 

9.39 

8.81 

40.9 

99.5 

99.5 

22 

54.6 

7.10 

6.62 

9.20 

9.40 

8.84 

40.9 

99.4 

99.6 

23 

54.8 

7.11 

6.63 

9.22 

9.41 

8.84 

40.8 

99.4 

99.7 

24 

55.0 

7.11 

6.64 

9.23 

9.40 

8.81 

40.8 

99.8 

99.8 

25 

55.2 

7.14 

6.66 

9.21 

9.41 

8.82 

40.7 

99.9 

100.0 

26 

55.2 

7.19 

6.70 

9.26 

•  9.44 

8.85 

40.8 

100.1 

101.4 

27 

55.3 

7.26 

6.76 

9.32 

9.49 

8.94 

40.9 

100.2 

101.4 

28 

55.3 

7.29 

6.79 

9.32 

9.51 

8.95 

40.9 

100.3 

101.4 

29 

55.5 

7.31 

6.81 

9.28 

9.49 

8.92 

40.9 

100.0 

101.0 

30 

55.7 

7.28 

6.77 

9.28 

9.44 

8.88 

41.1 

99.9 

101.0 

31 

55.9 

7.29 

6.77 

9.28 

9.47 

8.91 

41.1 

100.5 

100.7 

Av. 

54.5 

6.99 

6.55 

9.18 

9.43 

8.76 

41.0 

99.9 

100.2 

128 


Agricultural  Prices 


CHICAGO  TEN- YEAR  AVERAGE  DAILY  PRICES,  1904-1913— Continued. 

APRIL. 


Q 

s 

o 
o  ^ 

8t 

e 

o 
S3 

ft 
o 
H 
hfl 
O 

o 
m 

a 

o 

O 

n3 

ft 

CD 

M 
Pi 

w 

O 

CO 

9 

>-5 

W 

o 

"tc  to 

O  w 

(^3 

6  ^ 

2   to 

J3  ^ 

^'2 

tie 

1 
2 

55.6 
56.0 

$7.33 
7.33 

$6.80 
6.82 

$9.28 
9.25 

$9.47 
9.46 

$8.91 
8.91 

41.3 
41.3 

100.7 
100.5 

101.3 
100.1 

3 

56.1 

7.31 

6.79 

9.23 

9.44 

8.90 

41.3 

100.6 

100.1 

4 

56.2 

7.32 

6.82 

9.22 

9.41 

8.88 

41.2 

100.8 

100.1 

5 

56.4 

7.30 

6.80 

9.19 

9.39 

8.86 

41.2 

100.9 

100.2 

6 

56.3 

7.30 

6.79 

9.13 

9.36 

8.82 

41.2 

101.3 

100.5 

7 

56.6 

7.28 

6.79 

9.16 

9.35 

8.80 

41.2 

101.4 

100.8 

8 

56.4 

7.26 

6.77 

9.14 

9.34 

8.80 

41.3 

101.5 

100.5 

9 

56.7 

7.27 

6.75 

9.19 

9.35 

8.79 

41.4 

101.7 

100.9 

10 

56.9 

7.25 

6.75 

9.18 

9.36 

8.81 

41.6 

101.7 

100.9 

11 

57.2 

7.26 

6.76 

9.16 

9.35 

8.78 

41.7 

101.9 

100.9 

12 

57.4 

7.25 

6.74 

9.17 

9.36 

8.77 

41.8 

102.1 

101.2 

13 

57.6 

7.24 

6.75 

9.17 

9.38 

8.79 

42.1 

102.6 

101.2 

14 

57.5 

7.22 

6.73 

9.16 

9.38 

8.79 

41.9 

102.6 

101.3 

15 

57.4 

7.18 

6.6S 

9.15 

9.36 

8.76 

41.9 

102.6 

101.6 

16 

57.2 

7.15 

6.64 

9.10 

9.32 

8.71 

41.7 

102.4 

100.9 

17 

57.4 

7.15 

6.63 

9.09 

9.33 

8.77 

41.7 

102.6 

101.0 

18 

57.4 

7.15 

6.64 

9.08 

9.32 

8.76 

41.9 

102.6 

10L4 

19 

57.3 

7.07 

6.56 

9.06 

9.31 

8.76 

42.0 

102.9 

101.5 

20 

57.4 

7.06 

6.55 

9.07 

9.31 

8.74 

42.0 

102.4 

101.1 

21 

57.6 

7.04 

6.53 

9.09 

9.31 

8.78 

42.0 

102.2 

101.0 

22 

57.7 

7.03 

6.55 

9.09 

9.32 

8.81 

41.8 

102.3 

100.4 

23 

57.5 

7.00 

6.52 

9.09 

9.31 

8.81 

41.8 

102.2 

99.9 

24 

57.5 

1    7.00 

6.52 

9.09 

9.31 

8.78 

41.6 

101.8 

99.5 

25 

57.8 

6.99 

6.51 

9.13 

9.33 

8.79 

41.9 

102.0 

100.0 

26 

57.6 

7.00 

6.51 

9.15 

9.36 

8.79 

42.0 

101.4 

99.6 

27 

57.9 

6.96 

6.48 

9.18 

9.35 

8.80 

42.0 

101.3 

99.1 

28 

58.1 

6.97 

6.46 

9.16 

9.37 

8.77 

42.2 

101.2 

99.3 

29 

58.3 

6.93 

6.43 

9.17 

9.38 

8.78 

42.1 

101.3 

99.4 

30 

58.1 

6.92 

6.40 

9.17 

9.37 

8.78 

42.2 

102.0 

100.7 

Av. 

57.1            1    7.15 

6.65 

9.14 

9.36 

8.80| 

41.7 

101.8 

100.5 

MAY. 


1 

58.5 

52.3 

6.88 

6.36 

9.18 

9.36 

8.82 

8.96 

42.5 

35.5 

102.6 

100.5 

2 

58.9 

52.3 

6.86 

6.33 

9.18 

9.36 

8.83 

8.97 

42.6 

35.6 

103.1 

10L2 

3 

58.9 

52.2 

6.85 

6.33 

9.19 

9.36 

8.84 

8.98 

42.2 

35.4 

103.8 

100.8 

4 

58.9 

52.0 

0.86 

6.34 

9.25 

9.39 

8.88 

8.99 

42.5 

35.3 

104.2 

101.6 

5 

59.2 

52.2 

6.89 

6.38 

9.27 

9.41 

8.90 

9.03 

42.8 

35.5 

104.6 

102.0 

6 

59.3 

52.2 

6.91 

6.40 

9.23 

9.39 

8.91 

9.01 

42.9 

35.4 

104.8 

102.0 

7 

59.6 

52.2 

6.87 

6.36 

9.25 

9.39 

8.89 

9.00 

43.0 

35.5 

104.7 

102.2 

8 

59.6 

52.1 

6.88 

6.38 

9.26 

9.40 

8.93 

9.04 

43.0 

35.5 

104.8 

102.5 

9 

59.6 

52.3 

6.89 

6.40 

9.27 

9.41 

8.98 

9.07 

43.1 

35.6 

105.0 

102.8 

10 

59.8 

52.3 

6.91 

6.40 

9.26 

9.40 

8.97 

9.06 

43.3 

35.6 

105.4 

102.7 

11 

60.2 

52.5 

6.95 

6.44 

9.29 

9.41 

8.97 

9.08 

43.6 

35.9 

105.4 

102.9 

12 

60.2 

52.6 

6.94 

6.44 

9.31 

9.41 

8.99 

9.08 

43.7 

36.1 

106.0 

103.1 

13 

60.3 

52.7 

6.94 

6.45 

9.32 

9.42 

9.02 

9.09 

43.5 

36.0 

106.6 

103.7 

14 

60.4 

52.5 

6.96 

6.44 

9.33 

9.45 

9.04 

9.11 

43.5 

35.9 

106.7 

103.6 

15 

60.5 

52.5 

6.93 

6.41 

9.33 

9.45 

9.03 

9.10 

43.4 

35.8 

106.6 

103.7 

16 

60.4 

52.5 

6.92 

6.39 

9.31 

9.45 

9.04 

9.09 

43.3 

35.8 

106.5 

103.6 

Appendix 


129 


CHICAGO  TEN- YEAR  AVERAGE  DAILY  PRICES,  1904-1913— Continued. 

MAY — Continued. 


71 

rH^ 

Q 

e 

o 

60.9 
60.8 

c 

u 
o 

(j    03 

as 

o 
o 

72 
bO 

C 

S 
o 

a 
en 

5 

•-5 

to 
a 

m 

ci 
O 

^3 

o  ^ 
J-  "a 

O    u 

17 
18 

52.6 
52.4 

$6.95 
6.93 

$6.43 
6.42 

$9.36 
9.31 

$9.47 
9.46 

$9.09 
9.06 

$9.13 
9.12 

43.5 
43.5 

35.9 
36.1 

106.4 
106.8 

104.0 
104.4 

19 

61.0 

52.6 

6.89 

6.37 

9.28 

9.43 

9.06 

9.11 

43.6 

36.2 

106.9   104.6 

20 

60.7 

52.6 

6.89 

6.39 

9.26 

9.42 

9.05 

9.10 

43.4 

36.2 

107.2   105.0 

21 

61.1 

52.7 

6.91 

6.38 

9.26 

9.42 

9.07 

9.10 

43.7 

36.3 

107.7|  105.2 

22 

61.3 

52.8 

6.91 

6.37 

9.27 

9.42 

9.05 

9.10 

43.9 

36.5 

108.8)  106.0 

23 

61.2 

52.7 

6.88 

6.34 

9.27 

9.40 

9.05 

9.09 

44.0 

36.5 

108.3|  105.4 

24 

61.4 

52.7 

6.86 

6.31 

9.24 

9.40 

9.08 

9.10 

44.0 

36.4 

108.71  105.6 

25 

61.4 

52.8 

6.83 

6.29 

9.26 

9.40 

9.12 

9.11 

44.2 

36.6 

109.2.  106.0 

26 

61.9 

52.9 

6.82 

6.29 

9.30 

9.44 

9.13 

9.15 

44.4 

36.7 

109.3   106.1 

27 

61.2 

52.9 

6.84 

6.31 

9.31 

9.44 

9.14 

9.18 

44.3 

36.7 

108.7   105.7 

28 

60.3 

52.6 

6.84 

6.31 

9.30 

9.45 

9.16 

9.20 

44.3 

36.4 

107.9   105.5 

29 

60.4 

52.6 

6.82 

6.29 

9.31 

9.47 

9.19 

9.22 

43.3 

36.3 

107.8;  105.4 

30 

60.4 

52.7 

6.84 

6.30 

9.32 

9.48 

9.20 

9.24 

43.1 

36.4 

106.81  104.9 

31 

60.5 

52.7 

6.86 

6.31 

9.33 

9.49 

9.22 

9.24 

43.1 

36.4 

106.41  104.2 

Av. 

60.3 

52.5 

6.89 

6.36 

9.27 

9.42 

9.02 

1    9.09 

43.4 

36.0 

106.41  103.8 

JUNE. 


1 

60.1 

53.2 

6.86 

•  6.34 

9.28 

9.47 

9.19 

9.22 

43.2 

36.5 

105.8   105.0 

2 

60.4 

53.5 

6.85 

6.32 

9.27 

9.43 

9.18 

9.20 

43.1 

36.7 

105.5   105.4 

3 

60.5 

53.5 

6.84 

6.30 

9.26 

9.42 

9.20 

9.21 

43.1 

36.6 

105.3   105.4 

4 

60.3 

53.6 

6.83 

6.30 

9.27 

9.44 

9.18 

9.21 

43.3 

36.8 

105.2   104.8 

5 

60.1 

53.5 

6.81 

6.26 

9.29 

9.45 

9.19 

9.23 

43.3 

36.6 

105.1   104.8 

6 

59.9 

53.6 

6.84 

6.30 

9.35 

9.50 

9.29 

9.31 

43.3 

36.5 

105.0 

105.1 

7 

60.1 

53.8 

6.88 

6.33 

9.35 

9.55 

9.30 

9.36 

43.0 

36.5 

105.1 

105.5 

8 

60.0 

53.9 

6.92 

6.37 

9.36 

9.56 

9.32 

9.38 

43.2 

36.6 

104.5 

105.9 

9 

60.3 

54.0 

6.93 

6.38 

9.40 

9.57 

1  9.35 

9.42 

43.4 

36.6 

104.8 

105.5 

10 

60.1 

54.1 

6.94 

6.39 

9.39 

9.58 

9.39 

9.44 

43.0 

36.7 

104.6 

105.4 

11 

59.9 

54.1 

6.95 

6.40 

9.41 

9.58 

9.43 

9.45 

42.9 

36.4 

104.2 

104.8 

12 

60.1 

54.2 

6.96 

6.41 

9.40 

9.58 

9.43 

9.47 

43.0 

36.6 

103.9   104.6 

13 

60.1 

54.3 

6.95 

6.40 

9.40 

9.58 

9.46 

9.47 

43.0 

36.7 

103.3!  104.4 

14 

60.0 

54.2 

6.95 

6.41 

9.40 

9.59 

9.44 

9.47 

42.9 

36.7 

102.6 

104.1 

15 

60.0 

54.3 

6.95 

6.40 

9.38 

9.59 

9.44 

9.48 

43.5 

36.9 

102.6 

103.9 

16 

60.1 

54.7 

6.99 

6.44 

9.41 

9.61 

9.46 

9.52 

43.6 

37.3 

103.1 

104.5 

17 

60.2 

54.8 

6.95 

6.43 

9.43 

9.60 

9.48 

9.52 

43.5 

37.3 

102.2 

104.4 

18 

60.2 

54.8 

6.97 

6.45 

9.47 

9.64 

9.51 

9.57 

43.5 

37.5 

102.4 

104.0 

19 

60.3 

54.8 

7.03 

6.49 

9.46 

9.66 

9.53 

9.60 

43.8 

37.6 

102.1 

104.7 

20 

60.4 

54.8 

7.08 

6.52 

9.47 

9.67 

9.54 

9.58 

44.0 

37.8 

100.8 

105.2 

21 

60.6 

55.1 

7.09 

6.54 

9.48 

9.66 

9.53 

9.57 

44.3 

38.2 

100.0 

105.6 

22 

60.5 

55.1 

7.07 

6.51 

9.44 

9.63 

9.51 

9.55 

44.1 

38.4 

99.5 

105.7 

23 

60.2 

54.9 

7.06 

6.49 

9.46 

9.62 

9.53 

9.52 

43.8 

37.9 

99.5 

105.9 

24 

59.7 

54.7 

7.08 

6.50 

9.46 

9.65 

9.56 

9.56 

43.2 

38.1 

99.2 

105.5 

25 

59.8 

54.7 

7.08 

6.49 

9.48 

9.66 

9.58 

9.57 

43.4 

38.0 

99.0 

106.2 

26 

60.0 

54.8 

7.09 

6.51 

9.48 

9.65 

9.58 

9.57 

43.5 

38.1 

98.7 

106.5 

27 

60.6 

55.3 

7.09 

6.54 

9.50 

9.67 

9.60 

9.58 

43.8 

38.4 

99.61  106.7 

28 

60.7 

55.4 

7.10 

6.53 

9.48 

9.64 

9.59 

9.56 

43.5 

38.6 

99.9 

106.5 

29 

60.7 

55.4 

7.11 

6.54 

9.51 

9.66 

9.59 

9.58 

43.3 

38.5 

99.3 

107.0 

30 

60.6 

55.6 

7.15 

6.55 

9.52 

9.68 

9.60 

9.59 

42.9 

38.6 

98.6 

106.5 

Av. 

60.2 

54.4| 

6.98| 

6.43 

9.41 

9.58 

9.43 

9.46 

43.4 

37.3 

102.4 

105.2 

lao 


Agricultural  Prices 


CHICAGO  TEN-YEAR  AVERAGE  DAILY  PRICES,  1904-1913— Continued. 

JULY. 


U^ 


Qw 


o 
X 


o 

c 

0^ 


73 

t3 

c/; 

tn 

^ 

^ 

rt 

c3 

^ 

aj 

J 

J 

a 

Pi 
"3 

o 

.C 

^J 

A 

-=1  "2 

CO 

VI  2 

u 

M 

O 

»-5 

6  " 

o  o 
2^ 


1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

23 

24 

25 

26 

27 

28 

29 

30 

31 


60.9 
61.1 
61.1 
61.0 
61.1 
61.0 
61.4 
61.5 
61.9 
62.0 
62.1 
62.3 
62.3 
62.5 
62.4 
62.4 
62.5 
62.0 
61.8 
62.0 
62.1 
61.9 
62.2 
62.4 
62.6 
62.5 
62.4 
62.1 
62.5 
62.6 
62.5 


55.6 
55.9 
55.8 
55.8 
55.9 
55.7 
55.8 
55.7 
55.7 
55.41 
55.51 
55.ll 
55.3) 
55.1 
55.0 
54.8 
54.Sl 
54.6] 
54.5| 
54.51 
54.8J 
54.7j 
54.7 
55.0 
55.2 
54.9 
54.8 
54.5 
54.7 
54.8 
55.0 


$7.17 
7.16 
7.18 
7.20 
7.22 
7.25 
7.25 
7.23 
7.23 
7.18 
7.23 
7.23 
7.25 
7.26 
7.26 
7.29 
7.30 
7.33 
7.37 
7.36 
7.31 
7.29 
7.33 
7.36 
7.39 
7.43 
7.43 
7.41 
7.39 
7.41 
7.42 


?6.5S 
6.55 
6.55 
6.57 
6.59 
6.62 
6.59 
6.52 
6.53 
6.51 
6.51 
6.48 
6.50 
6.51 
6.52 
6.54 
6.56 
6.59 
6.61 
6.55 
6.51 
6.50 
6.51 
6.52 
6.52 
6.55 
6.54 
6.51 
6.48 
6.48 
6.46 


$9.55 
9.56 
9.56 
9.57 
9.57 
9.53 
9.54 
9.50 
9.51 
9.54 
9.54 
9.53 
9.52 
9.49 
9.47 
9.46 
9.44 
9.45 
9.45 
9.46 
9.49 
9.49 
9.51 
9.50 
9.52 
9.53 
9.55 
9.47 
9.49 
9.48 
9.46 


$9.70 
9.71 
9.73 
9.73 
9.73 
9.69 
9.65 
9.62| 
9.64 
9.65 
9.65 
9.64 
9.63 
9.61 
9.59 
9.57 
9.57 
9.56 
9.56 
9.561 
9.571 
9.581 
9.591 
9.591 
9.59 
9.60 
9.62 
9.59 
9.57 
9.56 
9.55 


$9.6 
9.63 
9.65 
9.64 
9.62 
9.60 
9.58 
9.59 
9.61 
9.62 
9.64 
9.59 
9.591 
9.55| 
9.56| 
9.541 
9.531 
9.55J 
9.53| 
9.491 
9.52! 
9.53] 
9.521 
9.53 
9.521 
9.501 
9.52| 
9.501 
9.521 
9.481 
9.481 


43.0 
42.7 
42.8 
42.7 
42.7 
42.3 
42.7 
42.8 
43.0 
43.1 
43.2 
43.5| 
43.6 
43.6 
43.4 
43.2 
43.0 
43.1 
42.9 
43.0 
42.9 
42.7 
43.0 
43.4 
43.7 
42.9 
42.6 
41.6 
41.7 
41.7 
40.5 


38.6 
38.6 
38.6 
38.6 
38.7 
38.7 
38.6 
38.5 
38.4 
38.3 
38.4 
38.3 
38.5 
38.4 
38.2 
37.9 
37.8 
37.5 
37.5 
37.3 
37.4 
37.4 
37.4 
37.6 
37.3 
37.1 
36.9 
36.8 
36.9 
36.9 
36.7 


99.3 
98.5 
98.1 
97.6 
97.2 
96.6 
97.1 
96.5 
96.8 
96.9 
96.7 
97.5 
97.5 
97.5 
96.9 
96.2 
95.7 
95.5 
95.2 
94.9 
95.0 
94.5 
94.4 
94.0 
93.8 
93.3 
93.21 
93.31 
93.4 
92.6 
92.4 


105.7 
105.6 
105.9 
105.7 
105.6 
105.7 
105.8 
105.8 
105.8 
106.2 
105.9 
106.2 
106.7 
107.7 
107.9 
108.0 
108.0 
108.7 
108.4 
108.3 
108.0 
107.8 
107.3 
107.2 
107.4 
107.5 
107.7 
107.2 
107.3 
107.4 
106.8 


Av.l     62. Qi    55.21     7.291     6.531    9.511    9.62 


9.561 


42.8 


37.91     95.71  107.0 


AUGUST. 


1 

62.9 

55.3 

7.41 

6.45 

9.47 

9.54 

9.44 

38.6 

36.7 

92.1 

107.1 

2 

63.4 

55.8 

7.41 

6.47 

9.52 

9.56 

9.52 

38.3 

37.0 

91.9 

107.1 

3 

63.5 

55.9 

7.41 

6.45 

9.51 

9.58 

9.50 

38.6 

37.3 

92.4 

107.2 

4 

63.1 

55.8 

7.43 

6.45 

9.53 

9.57 

9.53 

38.2 

37.3 

92.3 

107.2 

5 

63.1 

55.6 

7.44 

6.44 

9.52 

9.58 

9.56 

38.1 

37.2 

92.4 

106.8 

6 

63.1 

55.3 

7.45 

6.40 

9.51 

9.58 

9.56 

38.2 

37.1 

92.2 

107.1 

7 

63.1 

55.2 

7.44 

6.39 

9.51 

9.56 

9.57 

37.8 

37.1 

92.1 

107.3 

8 

63.7 

55.5 

7.41 

6.37 

9.46 

9.55 

9.56 

38.0 

37.4 

92.1 

108.0 

9 

63.7 

55.7 

7.43 

6.39 

9.47 

9.54 

9.53 

37.9 

37.4 

92.1 

107.9 

10 

63.8 

55.6 

7.43 

6.39 

9.47 

9.54 

9.51 

37.9 

37.3 

91.7 

106.9 

11 

64.1 

55.8 

7.41 

6.39 

9.51 

9.54 

9.52 

38.1 

37.3 

91.8 

106.5 

12 

64.3 

55.9 

7.41 

6.43 

9.54 

9.55 

9.50 

38.0 

37.4 

91.7 

105.8 

13 

64.3 

55.8 

7.42 

6.45 

9.55 

9.57 

9.54 

37.8 

37.2 

91.4 

105.7 

14 

64.2 

55.8 

7.40 

6.41 

9.54 

9.57 

9.54 

37.8 

37.3 

91.8 

103.9 

15 

64.4 

55.7 

7.40 

6.40 

9.56 

9.59 

9.57 

37.8 

37.4 

91.5 

102.9 

Appexdix 


131 


CHICAGO  TEN- YEAR  AVERAGE  DAILY  PRICES,  1904-1913— Continued. 
AUGUST— Continued. 


M 

'"'  m 

a 

o 

T3 

■c 

K 

to 

CO 

o  _ 

6y 

u 
o 

'^ 

c. 

be 

rt 

5 

X! 

.a 

c8 

*:L 

^« 

Z^ 

X 

O 

Eh 

s 
2 

CO 

J 

G 

>. 

o  ^ 

O 

*S  C 

OJ    ^ 

CO 

Q 

5s 

ss 

o 
X 

n 

G. 

rt 

I-J 

C^.S 

^s 

16 

64.2 

56.0 

$7.44 

$6.41 

$9.58 

$9.61 

$9.57 

37.9 

37.6 

91.7   103.1 

17 

64.4 

56.1 

7.42 

6.42 

9.61 

9.62 

9.62 

37.7 

37.3 

92. li  102.6 

18 

64.4 

56.0 

7.43 

6.42 

9.63 

9.64 

9.64 

27.6 

37.6 

92.3 

103.0 

19 

64.4 

56.0 

7.46 

6.44 

9.65 

9.66 

9.68 

37.6 

37.6 

92.4 

102.9 

20 

64.5 

55.9 

7.47 

6.43 

9.65 

9.68 

9.62 

37.7 

37.6 

92.6 

103.0 

21 

64.9 

5G.3 

7.46 

6.44 

9.65 

9.67 

9.63 

38.0 

37.9 

92.9 

103.5 

22 

64.9 

5G.1 

7.47 

6.45 

9.65 

9.67 

9.71 

37.8 

37.8 

92.9 

103.3 

23 

64.8 

56.2 

7.50 

6.47 

9.67 

9.67 

9.70 

37.9 

37.7 

92.9 

103.6 

24 

64.7 

56.2 

7.52 

6.48 

9.73 

9.72 

9.70 

37.6 

37.6 

92.5 

103.8 

25 

64.7 

56.3 

7.56 

6.50 

9.76 

9.77 

9.69 

37.6 

37.6 

92.6 

103.6 

26 

64.7 

56.3 

7.57 

6.50 

9.76 

9.75 

9.70 

37.4 

37.6 

92.9 

103.5 

27 

64.7 

56.5 

7.58 

6.51 

9.74 

9.75 

9.68 

37.5 

37.6 

93.2 

102.7 

28 

64.8 

56.4 

7.60 

6.53 

9.74 

9.76 

9.66 

37.2 

37.4 

93.4 

102.3 

29 

64.6 

56.4 

7.57 

6.53 

9.77 

9.77 

9.67 

37.1 

37.4 

93.1 

101.9 

30 

64.6 

56.5 

7.57 

6.50 

9.81 

9.79 

9.70 

37.3 

37.3 

92.6 

101.6 

31 

64.2 

56.5 

7.57 

6.51 

9.81 

9.80 

9.68i 

37.6 

37.4 

92.7'  101.5 

Av.l    64.11    55. 9|     7.471     6.45'     9.611    9.641    9.61! 


37.91    37.4     92.5   104.6 


SEPTEMBER. 


1 

64.7 

56. S 

7.55 

6.49 

9.82 

!    9.69i           1    38.1 

93.6    101.5 

2 

64.7 

57.0 

7.54 

6.48 

9.84 

9.701           1    38.3 

93.8 

101.6 

3 

64.7 

57.0 

7.55 

6.49 

9.87 

9.73 

38.3 

93.9 

101.8 

4 

64.9 

57.3 

7.59 

6.51 

9.87 

9.74 

38.3 

94.3 

102.1 

5 

64.7 

57.3 

7.60 

6.51 

9.88 

9.72 

38.2 

94.0 

101.8 

6 

64.7 

57.1 

7.62 

6.52 

9.87 

9.69 

38.5 

94.0 

101.6 

7 

64.7 

57.2 

7.65 

6.54 

9.86 

9.68 

38.3 

94.1 

101.7 

8 

64.8 

57.2 

7.65 

6.54 

9.87 

9.67 

38.4 

94.2 

101.6 

9 

64.6 

57.5 

7.70 

6.58 

9.86 

9.64 

38.2 

94.3 

101.6 

10 

64.5 

57.0 

7.73 

6.61 

9.84 

9.64 

38.3 

94.41  101.1 

11 

64.3 

57.3 

7.69 

6.59 

9.86 

9.65 

38.3 

94.5 

101.2 

12 

64.1 

56.9 

7.67 

6.60 

9.88 

9.67 

38.4 

95.0 

101.1 

13 

63.9 

57.1 

7.64 

6.58 

9.85 

9.67 

38.6 

95.7 

101.2 

14 

63.7 

56.9 

7.60 

6.55 

9.85 

9.67 

38.5 

95.8 

101.3 

15 

63.4 

56.6 

7.62 

6.57 

9.85 

9.64 

38.5 

96.0 

101.5 

16 

63.2 

56.3 

7.62 

6.53 

9.81 

9.61 

38.6 

96.1 

102.1 

17 

.   62.9 

56.3 

7.60 

6.57 

9.79 

9.62 

38.7 

96.0   101.9 

18 

63.0 

56.2 

7.60 

6.58 

9.80 

9.63 

38.6 

95.8 

101.4 

19 

63.3 

56.3 

7.60 

6.58 

9.85 

9.71 

39.0 

96.5 

101.3 

20 

63.7 

56.7 

7.64 

6.59 

9.90 

9.77 

39.1 

96.3 

101.3 

21 

63.2 

56.6 

7.59 

6.60 

9.93 

9.77 

38.9 

96.7 

101.2 

22 

63.0 

56.3 

7.61 

6.61 

9.93 

9.77 

38.8 

96.9 

101.6 

23 

63.0 

56.3 

7.64 

6.63 

9.95 

9.77 

38.6 

96.9 

101.8 

24 

62.9 

56.1 

7.62 

6.63 

10.00 

9.77 

38.6 

96.9 

101.7 

25 

63.0 

56.2 

7.61 

6.65 

10.00 

9.78 

38.3 

97.0 

101.8 

26 

62.7 

56.2 

7.60 

6.66 

9.97 

9.70 

38.4 

96.7 

101.8 

27 

62.5 

56.0 

7.57 

6.66 

9.94 

9.70 

38.4 

96.9 

101.7 

28 

62.3 

56.1 

7.53 

6.60 

9.93 

9.67 

- 

38.7 

97.1 

101.5 

29 

61.9 

55.9 

7.54 

6.60 

9.87 

9.61 

39.1 

96.9 

101.2 

30 

61.6 

55.7 

7.53 

6.60 

9.88 

9.57 

39.3 

96.9 

101.4 

Av. 

63.6 

56.6 

7.61 

6.58 

9.8S|            1    9.68 

38.5)            1    95.7!  101.5 

132 


Agkicultukal  Prices 


CHICAGO  TEN- YEAR  AVERAGE  DAILY  PRICES,  1904-1913— Continued. 

OCTOBER. 


>> 

a 

Q 

d 
u 
o 

u 
o 

O  en 

o 

bfl 
o 

m 

& 
o 
CO 

a 

13 
o 

O 

■♦J 

<D 

m 

m 

•-5 

CO 

m 
O 

^3 

6  ^ 

1 

61.4 

55.6 

$7.54 

$6.60 

$9,911 

$9.56 

38.3 

97.2 

100.8 

2 

61.3 

55.8 

7.52 

6.59 

9.94 

9.58 

38.3 

97.? 

100.8 

3 

61.3 

55.6 

7.53 

6.60 

9.95 

9.55 

38.2 

97.2 

100.5 

4 

60.9 

55.4 

7.53 

6.59 

9.931 

9.60i 

38.3 

97.6 

100.6 

5 

61.1 

55.4 

7.54 

6.61 

9.93 

9.621 

38.5 

97.3 

100.3 

6 

61.1 

55.4 

7.50 

6.58 

9.92 

9.591 

38.4 

97.3 

100.3 

7 

60.8 

55.1 

7.47 

6.54 

9.88 

9.60 

38.4 

97.5 

100.4 

8 

61.0 

55.3 

7.43 

6.51 

9.91 

9.50 

38.3 

97.8 

100.5 

9 

61.1 

55.6 

7.43 

6.53 

9.92 

9.47| 

38.6 

98.0 

100.6 

10 

61.1 

55.4 

7.40 

6.51 

9.88 

9.43 

38.4 

98.2 

101.0 

11 

61.0 

55.5 

7.39 

6.50 

9.90 

9.43 

38.4 

98.1 

101.1 

12 

61.2 

55.6 

7.37 

6.48 

9.86 

9.39 

38.3 

98.5 

101.4 

13 

61.1 

55.7 

7.31 

6.47 

9.82 

9.42 

38.3 

9.90 

101.5 

14 

60.4 

55.6 

7.30 

6.44 

9.87 

9.42 

38.4 

98.8 

101.7 

15 

60.3 

55.5 

7.29 

6.45 

9.89 

9.39 

38.1 

99.2 

101.7 

16 

59.8 

55.3 

7.26 

6.44 

9.86 

9.35 

37.9 

98.9 

101.7 

17 

59.6 

55.0 

7.24 

6.40 

9.81 

9.29 

37.8 

99.3 

101.3 

18 

59.9 

55.0 

7.25 

6.39 

9.82 

9.24 

37.8 

98.8 

101.1 

19 

60.2 

55.2 

7.25 

6.39 

9.89 

9.20 

38.8 

98.9 

101.1 

20 

60.2 

55.2 

7.18 

6.33 

9.90 

9.15 

37.8 

99.0 

100.8 

21 

60.2 

55.2 

7.17 

6.30 

9.92 

9.13 

37.8 

99.2 

100.8 

22 

59.8 

55.0 

7.13 

6.28 

9.90 

9.09 

37.8 

98.9 

100.9 

23 

60.0 

54.9 

7.09 

6.26 

9.86 

9.09 

37.8 

98,9 

99.6 

24 

59.7 

55.0 

7.08 

6.20 

9.84 

9.11 

37.8 

98.7 

99.1 

25 

59.7 

55.1 

7.05 

6.16 

9.82 

9.10 

37.8 

98.9 

99.0 

26 

60.0 

55.2 

7.00 

6.13 

9.81 

9.07 

38.0 

98.9 

99.0 

27 

60.0 

55.3 

6.99 

6.12 

9.78 

9.04 

37.8 

99.0 

98.8 

28 

59.8 

55.2 

6.99 

6.12 

9.77 

9.07 

37.7 

98.7 

98.7 

29 

59.5 

55.1 

6.95 

6.12 

9.73 

9.08 

37.4 

98.8 

98.8 

30 

59.4 

55.0 

6.91 

6.05 

9.72 

9.03 

37.6 

98.4 

98.7 

31 

59.5 

55.0 

6.88 

6.02 

9.68 

9.00 

37.6 

98.1 

98.7 

Av. 

60.4 

55.3 

7.26 

6.38 

9.85 

9.31 

38.2 

98.4 

100.2 

NOVEMBER. 


1 

59.5 

55.0 

6.88 

5.99 

9.58 

9.01 

37.6 

97.6 

98.2 

2 

58.8 

55.0 

6.88 

6.00 

9.57 

8.96 

37.5 

97.9 

98.0 

3 

58.9 

54.9 

6.91 

6.03 

9.59 

8.93 

37.5 

97.5 

98.5 

4 

58.9 

54.9 

6.93 

6.07 

9.56 

8.93 

37.7 

97.1 

97.3 

5 

58.9 

54.7 

6.86 

6.02 

9.61 

8.91 

37.5 

97.2 

97.7 

6 

58.5 

54.6 

6.81 

6.01 

9.63 

8.89 

37.5 

97.1 

97.1 

7 

58.6 

54.5 

6.80 

6.01 

9.65 

8.93 

36.8 

97.1 

97.1 

8 

58.4 

54.4 

6.78 

6.00 

9.66 

8.95 

37.4 

96.9 

97.0 

9 

58.4 

54.4 

6.78 

6.02 

9.66 

8.95 

37.7 

97.0 

97.0 

10 

58.7 

54.5 

6.79 

6.05 

9.63 

8.92 

37.8 

97.1 

97.3 

11 

58.7 

54.4 

6.77 

6.04 

9.63 

8.91 

37.8 

97.6 

97.6 

12 

58.7 

54.5 

6.77 

6.05 

9.64 

8.91 

37.5 

97.8 

97.9 

13 

58.9 

54.3 

6.75 

6.04 

9.60 

8.93 

37.7 

97.9 

98.1 

14 

59.1 

54.5 

6.71 

6.01 

9.67 

8.95 

37.7 

98.1 

98.2 

15 

59.1 

54.5 

6.69 

6.00 

9.72 

8.94 

37.7 

97.8 

98.1 

Appendix 


1S3 


CHICAGO  TEN- YEAR  AVERAGE  DAILY  PRICES,  1904-1913— Continued. 
NOVEMBER— Continued. 


to 

p; 

M 

^  m 

u 

o 

s 

o. 

O 

3 

03 
X3 

J2 

03 

a 

2    03 

|S 

o 

o^ 

o 

Eh 

a 

J 

K^ 

tf 

(2! 

O 

O 

t;?  '^ 

ss 

Q 

1-2 

CJ    03 

S3 

2 

03 

U 

i-s 

o3 

2  ^ 
$% 

16 

59.4 

54.5 

$6.63 

$5.97 

$9.66 

. 

$8.97 

37.8 

97.9 

98.4 

17 

59.2 

54.6 

6.62 

5.97 

9.63 

8.98 

37.8 

98.0 

98.6 

18 

59.0 

54.2 

6.61 

5.95 

9.63 

8.98 

37.7 

97.8 

98.4 

19 

58.6 

54.2 

6.57 

5.91 

9.61 

8.92 

37.6 

97.3 

98.4 

20 

58.2 

54.1 

6.55 

5.91 

9.60 

8.95 

37.2 

97.4 

98.2 

21 

58.2 

54.1 

6.52 

5.88 

9.54 

8.94 

37.7 

97.1 

98.0 

22 

57.9 

53.9 

6.49 

5.84 

9.59 

8.93 

37.6 

96.8 

97.9 

23 

57.7 

53.9 

6.46 

5.82 

9.48 

8.88 

37.7 

96.6 

98.2 

24 

57.7 

53.8 

6.43 

5.80 

9.43 

8.84 

37.6 

97.0 

98.1 

25 

57.5 

53.8 

6.38 

5.74 

9.41 

8.83 

37.6 

97.2 

98.3 

26 

57.1 

53.8 

6.40 

5.75 

9.42 

8.84 

37.7 

97.3 

98.1 

27 

57.1 

53.9 

6.43 

5.79 

9.45 

8.85 

37.7 

97.2 

98.1 

28 

56.9 

53.7 

6.45 

5.79 

9.50 

8.84 

37.5 

97.0 

98.1 

29 

56.7 

53.6 

6.51 

5.84 

9.53 

8.82 

37.5 

96.8 

97.9 

30 

56.5 

53.6 

6.53 

5.86 

9.57 

8.84 

37.5 

96.9 

98.0 

Av. 

58.3 

54.3 

6.66 

5.94 

9.58 

8.92 

37.6 

97.3 

97.9 

DECEMBER. 


1 

56.0 

6.54 

5.88 

9.491 

8.87 

37.6 

97.2 

98.3 

2 

56.1 

6.55 

5.90 

9.45 

8.86 

37.8 

97.6 

98.3 

3 

55.4 

6.53 

5.92 

9.44 

8.84 

38.1 

97.6 

98.3 

4 

55.9 

6.52 

5.92 

9.43 

8.82 

38.3 

97.9 

98.5 

5 

56.8 

6.55 

5.93 

9.44 

8.80 

38.6 

97.9 

98.8 

6 

57.0 

6.57 

5.96 

9.42 

8.80 

38.6 

98.3 

98.9 

7 

57.7 

6.56 

5.97 

9.39 

8.80 

38.7 

98.5 

98.5 

8 

56.7 

6.51 

5.95 

9.52 

8.77 

38.8 

97.9 

98.6 

9 

56.4 

6.52 

5.98 

9.53 

8.76 

38.7 

98.1 

99.1 

10 

56.0 

6.54 

5.96 

9.53 

8.78 

38.8 

97.8 

98.4 

11 

56.0 

6.55 

5.96 

9.43 

8.77 

38.7 

97.8 

98.2 

12 

56.0 

6.53 

5.98 

9.41 

8.74 

38.8 

97.9 

98.5 

13 

55.8 

6.50 

5.96 

9.42 

8.75 

39.0 

98.1 

98.6 

14 

55.6 

6.42 

5.93 

9.44 

8.76 

38.6 

98.2 

98.4 

15 

55.6 

6.45 

5.93 

9.43 

8.76 

38.9 

98.0 

98.6 

16 

55.4 

6.44 

5.92 

9.41 

8.74 

38.9 

98.8 

98.9 

17 

55.7 

6.47 

5.93 

9.38 

8.74 

38.8 

99.4 

99.2 

18 

55.6 

6.46 

5.94 

9.34 

8.64 

38.8 

99.6 

99.5 

19 

55.7 

6.46 

5.92 

9.35 

8.65 

38.8 

99.6 

99.4 

20 

55.8 

6.44 

5.91 

9.37 

8.69 

38.9 

99.9 

99.4 

21 

55.6 

6.48 

5.93 

9.41 

8.69 

38.7 

99.7 

99.4 

22 

55.5 

6.48 

5.92 

9.40 

8.68 

38.5 

99.4 

99.4 

23 

55.5 

6.51 

5.94 

9.43 

8.70 

38.6 

99.4 

99.2 

24 

55.5 

6.53 

5.96 

9.45 

8.71 

38.6 

99.6 

99.3 

25 

55.4 

6.54 

5.98 

9.42 

8.69 

38.5 

99.8 

99.6 

26 

55.2 

6.57 

6.01 

9.40 

8.69 

38.5 

99.4 

100.6 

27 

55.1 

6.59 

6.04 

9.34 

8.66 

38.6 

99.8 

100.8 

28 

54.8 

6.60 

6.07 

9.25 

8.61 

38.7 

100.1 

99.7 

29 

54.4 

6.61 

6.10 

9.27 

8.60 

39.0 

100.0 

99.6 

30 

54.9 

6.63 

6.11 

9.26 

8.60 

38.7 

100.1 

99.9 

Av. 

55.7 

6.52 

5.96 

9.42 

8.73 

38.6 

98.8 

99.1 

134  Agricultural  Prices 

DUN'S    INDEX    NUMBER    FOR   JULY    1—1860-1919. 

The  record  is  here  given  from  1860  to  1919,  inclusive,  July  1st  of  each  year, 
usually  the  low  point  of  the  year. 


CO 

00 

•a 
£ 

© 

IS 

a 

•H  u 

a  CD 

-a 

o 
o 

u 

03 

o 

a 

o 
O 

d 
o 

CO 

i 

<-> 
o 

I860 

$20.53 
15.74 
18.05 
26.15 
45.61 
25.40 
31.47 
36.53 
38.41 
29.11 
25.32 
24.80 
22.17 
20.46 
25.65 
24.84 
18.77 
21.81 
15.67 
17.05 
17.46 
20.36 
25.49 
19.01 
17.87 
16.37 
15.31 
15.15 
16.98 
14.35 
14.86 
19.78 
17.42 
14.96 
15.11 
14.76 
10.50 
10.58 
12.78 
13.48 
14.89 
14.90 
20.53 
17.47 
18.24 
18.83 
17.92 
20.30 
22.82 

$  8.97 

7.48 

7.15 

10.11 

15.68 

16.11 

17.15 

14.27 

13.21 

13.18 

14.16 

12.17 

11.05 

10.11 

11.56 

13.28 

10.72 

10.03 

8.18 

8.23 

9.23 

11.38 

13.74 

11.21 

11.17 

9.20 

8.90 

8.66 

9.41 

8.24 

8.03 

9.21 

8.70 

10.13 

9.38 

8.62 

7.05 

7.52 

7.69 

7.98 

8.90 

9.43 

11.62 

9.26 

9.03 

8.61 

9.67 

10.19 

10.19 

$12.66 
10.81 
13.40 
13.53 
26.05 
18.04 
23.47 
18.41 
23.61 
18.12 
16.11 
20.79 
16.01 
15.62 
19.14 
14.91 
15.91 
11.79 
10.60 
10.25 
12.59 
11.31 
14.68 
12.25 
11.36 
10.87 
10.24 
11.18 
11.84 
9.69 
10.71 
12.45 
10.40 
11.71 
10.39 
9.87 
7.87 
8.71 
9.43 
10.97 
10.90 
11.03 
12.55 
13.08 
10.64 
9.98 
12.59 
14.76 
12.55 

$  8.89 

7.65 

10.98 

16.35 

27.30 

21.05 

20.82 

20.16 

19.72 

16.34 

13.30 

13.82 

14.84 

13.62 

13.67 

14.41 

12.91 

13.32 

11.34 

9.88 

11.53 

11.66 

11.62 

10.72 

9.32 

8.71 

8.57 

9.25 

9.91 

10.91 

9.74 

9.33 

8.73 

9.18 

8.47 

8.68 

8.52 

7.88 

8.82 

9.15 

9.48 

9.08 

8.74 

9.18 

10.40 

9.92 

9.64 

10.01 

10.46 

$22.43 
21.14 
28.41 
45.67 
73.48 
49.30 
45.37 
38.16 
35.69 
35.30 
31.48 
30.62 
32.42 
29.41 
27.26 
25.31 
21.74 
21.85 
19.83 
20.42 
21.98 
20.98 
21.20 
20.20 
19.01 
17.74 
18.06 
18.17 
17.44 
17.10 
17.26 
16.50 
15.64 
15.87 
13.86 
15.31 
13.60 
13.80 
14.66 
15.02 
16.32 
15.09 
15.53 
17.13 
16.51 
17.98 
19.17 
20.35 
17.23 

$25.85 
22.50 
23.20 
37.07 
59.19 
38.95 
41.76 
35.42 
27.38 
28.35 
26.61 
27.37 
32.64 
32.29 
25.25 
23.51 
20.45 
15.57 
15.78 
15.14 
18.70 
19.29 
19.83 
18.07 
16.27 
14.13 
14.46 
16.03 
15.36 
14.78 
15.50 
15.10 
14.82 
14.03 
12.01 
11.02 
13.23 
11.64 
11.84 
15.63 
14.83 
15.34 
16.08 
16.54 
15.42 
15.91 
16.64 
17.68 
16.54 

$15.84 
16.57 
17.29 
24.26 
31.65 
25.55 
27.92 
25.52 
24.78 
24.20 
21.78 
21.90 
21.31 
21.55 
19.58 
18.39 
15.95 
15.16 
14.83 
16.28 
17.13 
16.90 
16.65 
15.76 
14.68 
13.66 
13.66 
15.15 
14.15 
14.60 
15.41 
13.69 
14.25 
14.71 
14.04 
13.23 
13.52 
12.28 
12.52 
12.96 
16.07 
16.61 
16.82 
16.76 
16.91 
17.06 
19.55 
20.33 
18.35 

$115.19 

1861 

101.92 

1862 

118.51 

1863 

173.18 

1864 

278.98 

1865 

194.43 

1866 

207.97 

1867 

188.52 

1868 

182.82 

1869 

164.63 

1870 

148.78 

1871 

151.51 

1872 

150.47 

1873 

143.08 

1874 

143.13 

1875 

134.70 

1876 

116.47 

1877 

109.54 

1878 

96.26 

1879 

97.28 

1880 

108.65 

1881 

111.90 

1882 

123.23 

1883 

107.24 

1884 

99.70 

1885 

1886 

1887 

1888 

90.69 
89.22 
93.62 
95.13 

1889 

89.69 

1890 

91.54 

1891 

96.09 

1892 

90.10 

1893 

90.61 

1894 

83.29 

1895 

81.51 

1896 

74.31 

1897 

72.45 

1898 

77.76 

1899 

85.22 

1900 

91.41 

1901 

91.50 

1902 

101.91 

1903 

99.45 

1904 

97.19 

1905 

98.31 

1906 

105.21 

1907 

113.66 

1908 

108.17 

Appendix 


ISl 


DUN'S  INDEX  NUMBER  FOR  JULY  1—1860-1919— Continued. 


m 

02 

CM 

'3 

o 

CO 

rt   S 

o 

tf) 

M 

:l!I 

rt  ci 

S 

5 

o 

CQ 

S 

CO 

o 

U 

g 

^ 

1909 $25,851$  9.95, $15. 2G  310.62  $20.06 

1910 21.69J   11.401   14. G6    10.55  21.17 

1911 21.28      9.41    17.47    11.38|  19.32 

1912 25.96    10.71    15.50    11.821  20.44 

1913 21.19]   13.09    13.03    10.211  20.53 

1914 21.08|   12.97    17.24|   10.44  20.83 

1915 1  26.461   12.13    15.56    10.72  20.90 

14.40J   19.431   12.15  25.80 

18.821   26.441   14.221  36.52 

23.711  24.751  21.92|  45.23| 

25.66!  26.161  23.341  45.621 


1916 1  26.37 

1917 j  53.91 

1918 1  51.42 

1919 t  51.72 


$16.42 
16.74 
16.58' 
16.34i 
16.51| 
15.691 
16.60: 
21.171 
32.39! 
30.171 
25.75 


$20.82 
22,93 
22.66 
21.47 
21.73i 
21.42! 
22.56^ 
25.791 
29.611 
35.341 
35.43 


$119.02 
119.16 
118.13 
122.27 
116.31 
119.70 
124.95 
145.14 
211.95 
232.57 
233.70 


DUN'S   INDEX   NUMBERS— MONTHLY   RECORD,  1903-1919. 


1903 — January  . 
February 
March  .  . 
April  .  . 
May  .  .  . 
June  .  .  . 
July  .  .  . 
August  .  . 
September 
October  . 
November 
December 


1904- 


-Januiiry  . 
February 
March  .  . 
April  .  . 
May  .  .  . 
June  .  .  . 
July  .  .  . 
August  .  . 
September 
October  . 
November 
December 


1905 — January  . 
February 
March  .  . 
April  .  . 
May  .  .  . 
June  .  .  . 
July  .  .  . 
AugtiRt  .  . 
September 
October  . 
November 
December 


17.10 
17.66 
17.86 
16.72 
16.38 
17.03 
17.47 
17.37 
17.47 
16.69 
16.61 
16.34 

17.10| 

17.981 

20.11 

18.94 

18.69 

19.52! 

18.24 

18.25 

18.47 

18.46 

18.79 

18.03 

18.27 
18.08 
18.07 
17.71 
16.40 
17.97 
18.83 
17.27 
16.66 
16.85 
18.03| 
17.29 


9.521 
9.18| 
9.601 
9.651 
9.75| 
9.21| 
9.26| 
8.971 
8.92 
8.83| 
7.99| 
7.95| 

I 
8.131 

8.20 

8.52 

8.49 

8.22 

8.33 

9.03 

8.83 

8.46 

8.58 

8.23 

8.20 

7.95 
8.03 
8.41 
8.59 
8.72 
8.89 
8.61 
8.71 
9.00 
8.35 
8.44 
8.51 


14.61 
14.331 
13.531 
13.5l| 
13.161 
13.241 
13.081 
11.801 
12.35| 
12.60! 
13.581 
14.57| 

15.281 

15.071 

14.54 

15.36! 

15.40 

13.15 

10.64 

10.68 

11.27 

12.03 

12.88 

13.82 

13.94 
13.65 
14.10 
12.26 
11.81 
10.77 
9.98 
12.12 
12.18 
12.86 
14.80 
14.91 


9.41 
9.36 
9.40 
9.34 
9.23 
9.21 
9.18i 
9.26 
9.24 
9.17 
9.72 
9.64 

9.65 

9.66 

9.46 

9.60 

10.26 

10.39 

10.40 

10.37 

10.57 

10.51 

10.43 

10.52 

10.69 

10.811 

10.661 

10.57J 

10.501 

10.471 

9.92| 

9.92| 

9.891 

9.731 

9.621 

9.83 


15.93 
16.26J 
16.501 
16.401 
16.541 
16.791 
17.131 
17.17| 
17.131 
16.81 
16.681 
16.821 

I 
17.311 
18.121 
17.911 
17.771 
17.42! 
17.15| 
16.511 
16.62| 
16.731 
16.611 
16.71| 
17.00| 

16.31 
16.881 
16.91| 
16.981 
17.051 
17.3S| 
17.981 
18.45; 
18.911 
18.771 
18.83| 
19.13 


17.181 
17.09| 
17.081 
16.56! 
16.58! 
16.541 
16.541 
16.48 
16.54 
16.36! 
16.171 
16.03[ 

15.881 
15.771 
15.84! 
15.26i 
15.36J 
15.43! 
15.42' 
15.491 
15.501 
15.291 
15.38| 
15.971 

16.18 
16.17i 
16.331 
15.66! 
15.76! 
15.78! 
15.911 
16.141 
16.38! 
16.57J 
16.681 
16.97 


16.57 
17.01 
17.05 
17.05 
16.90 
16.88 
16.76 
16.80 
16.87 
16.89i 
17.05! 
16.841 

16.75( 

17.19! 

17.19 

17.031 

16.83 

16.95 

16.91 

16.96 

16.81 

16.89 

16.98 

16.98 

16.93 

17.40 
17.42 
17.39| 
17.29' 
17.46J 
17.06! 
17.22| 
17.25! 
17.271 
17.421 
18.65 


100.35 
100.92 
101.06 
99.26 
98.56 
98.93 
99.45 
97.89 
98.54 
97.37 
97.82 
98.22 

100.14 

102.02 

103.61 

102.48 

102.20 

100.95 

97.19 

97.22 

97.84 

98.39 

99.43 

100.55 

100.31 

101.04 

101.93 

99.20 

97.56 

98.75 

98.31 

99.84 

100.30 

100.42 

103.85 

105.31 


136  Agricultural  Prices 

DUN'S  INDEX  NUMBERS— MONTHLY  RECORD,  1903-1919— Continued. 


1906 — January  . 
Febi'uary 
INTarch  .  . 
April  .  . 
]May  .  .  . 
June  .  .  . 
July  .  .  . 
August  .  . 
September 
October  . 
November 
December 

1907 — January  . 
February 
March  .  . 
April  .  . 
May  .  .  . 
June  .  .  . 
July  .  .  . 
August  .  . 
September 
October  . 
November 
December 

190S— January  . 
February 
March  .  . 
April  .  . 
May  .  .  . 
June  .  .  . 
July  .  .  . 
August  .  . 
September 
October  . 
November 
December 

1909 — January   . 
February 
March   .    . 
April     .    . 
i\Iay  .    .    . 
June  .    .    . 
July    .    .   . 
August  .    . 
September 
October    . 
November 
December 


$16.55 
16.05 
15.71 
16.29 
17.05 
17.37 
17.92 
16.43 
16.25 
16.21 
16.62 
16.34 

16.07 
16.38 
17.47 
16.98 
18.16 
20.08 
20.30! 
19.87 
22.48j 
22.94 
21.98 
21.29 

22.25 
21.12 
21.48 
22.03 
22.88 
23.16 
22.82 
24.15 
24.17 
23.99 
23.57 
21.87 

21.48 
22.90 
23.96 
24.12 
25.69 
26.78 
25.85 
23.70 
22.00 
21.53 
21.63 
22.31 


8.42  $14.39 
8.691  13.97 


9.15 
9.33 
9.29| 
9.45 
9.67 
9.71 
9.60 
9.35 
9.38| 
9.271 

9.35 

9.69 

9.67 

9.62 

9.64 

9.98 

10.19 

10.09 

10.15 

9.66 

9.22 

8.92 

8.14 
8.24 
8.54 
9.22 
9.77 
9.62 
10.19 
9.99 
9.48 
9.53 
9.17 
9.131 

9.14 
10.27 
8.86 
9.24 
9.02 
9.49 
9.95 
9.61 
9.54 
9.45 
9.35 
9.54 


13.64 
14.73 
13.84 
14.35 
12.59 
11.96 
13.32 
13.97 
14.53 
15.91 

14.96 
14.41 
15.72 
14.79 
14.46 
15.41 
14.76 
15.45 
15.01 
15.64' 
15.84 
17.16 

17.38 
15.64 
15.90 
14.36 
14.30 
13.11 
12.55 
13.35 
13.92 
14.62 
15.01 
17.01 

18.10 
15.64 
15.21 
16.14 
15.70 
16.05 
15.26 
15.76 
16.01 
16.26 
17.50 
19.16 


1  9.82 
9.68 
9.62 
9.41 
9.46 
9.47 
9.64 
9.76 
9.75 
9.781 
9.84 
9.87 

9.76 

9.80 

9.76 

9.81 

9.82 

10.10 

10.01 

10.04 

10.18 

10.44 

9.62 

10.15 

10.23 
10.38 
10.35 
10.50 
10.39 
10.31 
10.46 
10.34 
10.09 
10.09 
10.31 
10.42 

10.39 
10.50 
10.41 
10.68 
10.62 
10.65 
10.62 
10.81 
10.74 
10.97 
11.07 
11.05 


$19. 
19. 
19. 
19. 
19. 
19. 
19, 
18. 
18. 
18. 
19, 
19. 


O 


$17. 
17. 
16. 
16. 
16, 
16. 
16 
16 
17, 
17 
17 


48    17 


19.63 
19.79 
20.00 
19.99 
20.09 
20.25 
20.35 
20.28 
20.52 
20.16 
19.93 
19.38 

18.84 
18.31 
17.73 
17.20 
16.80 
16.91 
17.23 
17.34 
17.32 
17.22 
17.30 
17.82 

18.02 
18.27 
18.89 
18.63 
19.07 
19.58 
20.06 
20.92 
21.06 
21.52 
22.14 
22.13 


18.08 
18.16 
18.13 
17.37 
17.52 
17.68 
17.68 
17.66 
17.62 
17.29 
17.17 
16.93 

17.23 
16.94 
17.12 
17.17 
16.87 
16.65 
16.54 
16.53 
16.72 
16.82 
16.78 
16.92 

16.91 
16.93 
16.65 
16.38 
16.35 
16.45 
16.42 
16.61 
16.94 
17.20 
17.30 
17.43 


$18.80 
19.41 
20.07 
20.22 
20.26 
20.41 
19.55 
19.35 
19.40 
19.49 
19.52 
19.33 

19.38 
19.10 
19.13 
19.30 
19.24 
20.12 
20.33 
20.31 
20.08 
19.97 
19.83 
19.40 

19.18 

19.26 

19.25 

18.22 

19.15 

18.19 

18.35 

17.75 

17.60 

17 

17.73 

17.78 

17.78 
18.91 
21.41 
21.63 
21.78 
22.00 
20.82 
20.58 
20.65 
21.36 
21.75 
21.77 


$104.46 
104.01 
104.20 
106.06 
106.05 
106.79 
105.21 
102.98 
104.28 
105.23 
106.68 
108.17 

107.26 
107.36 
109.91 
107.89 
108.95 
113.65 
113.66 
113.72 
116.07 
116.14 
113.63 
113.27 

113.28 
109.91 
110.38 
108.72 
110.18 
107.98 
108.17 
109.49 
109.33 
109.99 
109.91 
111.00 

111.84 
113.45 
115.42 
116.86 
118.26 
121.02 
119.02 
118.02 
116.96 
118.30 
120.77 
123.41 


Appendix  137 

DUN'S  INDEX  NUMBERS— MONTHLY  RECORD,  1903-1919— Continued. 


pq 


1910- 


-January  . 
February- 
March  .  . 
April  .  . 
May  ,  .  . 
June  .  .  . 
July  .  .  . 
August  .  . 
September 
October  . 
November 
December 


$23.83 
23.50 
23.42 
22.17 
20.99 
20.59 
21.69 
21.86 
20.26 
19.12 
18.83 
18.56 


1911 — January  ...  .1  18.01 
February  .  .  .  |  18.17 
March i  17.76 


April 

May  .  .  . 
June  .  .  . 
July  .  .  . 
August  .  . 
September 
October  . 
November 
December 


18.17 
19.97 
20.50 
21.28 
21.69 
22.14 
23.82 
24.86 
23.12 


1912- 


-  January   ....    23.52 
February     .    .    .  |  24.27 

March I  24.71 

April I  25.59 

May [  27.63 

June I  27.39| 

July I  25.961 

24.761 
24.08) 
21.76 
22.37 
20.66 


August 
September 
October  . 
November 
December 


1913— January  .    .    .    .19 


February 
March  .  . 
April  .  . 
May  .  .  . 
June  .  .  . 
July  .  .  . 
August  .  . 
September 
October  . 
November 
December 


19.56 
19.59 
19.96 
20.67 
21.27 
21.19 
21.63 
22.971 
22.58 
22.61 
23.00 


$  9.64 

9.68 

10.78 

12.35 

11.54 

11.69 

11.40 

11.08 

11.02 

10.37 

9.89 

9.78 

9.48 
9.96 

10.14 
9.74 
9.36 
9.63 
9.4l| 
9.90 

10.08 
9.61 
9.21 
8.92 

8.92 
9.17 
9.51 
10.59 
11.28 
11.01 
10.71 
10.84 
11.18 
10.92 
10.45 
10.62 

10.91 
11.52 
13.041 
13.47] 
13.181 
12.96 
13.09| 
13.081 
12.78| 
13.05 
12.2l| 
12.051 


s 

.at 

QC3 


$18.90 
17.56 
16.92] 
15.23 
14.32 
14.32 
14.66 
15.45 
15.73 
16.23 
16.81 
18.011 

18.07 
16.46 
14.58 
13.63 
14.75 
I  14.70 
17.47 
19.24 
18.00 
16.50 
19.19 
22.17 

21.28 

21.89 

19.361 

21.77| 

20.771 

18.08| 

15.501 

16.751 

16.49 

18.62 

19.4l| 

19.22 

17.92 
16.651 
16.141 
15.311 
15.11| 
16.521 
13.03i 
14.91! 
16.601 
17.931 
19.971 
20.45 


$10.80 
10.81 
10.90 
10.77 
10.511 
10.54! 
10.55' 
10.83 
11.03 
11.03 
10.86 
10.50 

11.19 
11.25 
11.01 
11.07 
11.28 
10.98 
11.38 
11.60 
12.05 
12.33 
12.59 
12.61 

12.26 

12.23 

12.221 

12.321 

11.751 

11.97 

11.82 

11.70 

11.59 

11.75 

ll.lOj 

11.111 


$20.63 
21.671 
21.781 
22.061 
22.19 
21.28 
21.17 
20.50 
20.55 
19.93 
19.89 
20.04 

19.64 
19.59 
19.78 
19.35 

20.02] 
18.841 
19.32| 
18.77 
18.50] 
18.63] 
18.19 
18.19 

18.63 
19.04 
19.49 
19.86 
19.97J 
20.00' 
20.441 
20.58 
20.70 
20.701 
20.78 
21.06 


11.07] 

10.87] 

10.73| 

10.16] 

10.12] 

10.25 

10.211 

10.26) 

10.57 

10.70| 

11.061 

11.01 


21.01 
20.83 
21.14 
20.93 
20.80 
20.70 
20.53 
20.25 
20.50 
20.94 
21.07 
20.81 


$17.49 
17.41 
17.26 
17.13 
16.93 
16.89 
16.74 
16.58 
16.65 
16.57 
16.14 
16.09 

16.51 
16.59 
16.74 
16.71 
16.69 
16.61 
16.58 
16.52 
16.50 
16.30 
16.29 
16.36 

16.37 
16.35 
15.96 
15.55 
15.91] 
16.10] 
16.34] 
16.661 
17.02] 
17.631 
18.02| 
18.04 


17.94 
17.85 
17.37 
16.92 
16.75 
16.76 
16.51 
16.52 
16.74 
16.76 
16.75 
16.59 


$22.12 
21.74 
21.74 
21.81 
21.80 
21.91 
22.93 
22.17 
22.15 
22.18 
22.18 
21.65 

22.17 
22.20 
22.24 
22.22 
22.16 
22.08 
22.66] 
22.02! 
22.041 
22.06] 
21.61 
21.53 

22.43 
22.43 
22.25 
22.35 
21.64 
21.41 
21.47 
21.57 
21.46 
21.69 
21.36 
21.31 

22.08 

22.42 

22.42' 

22.42 

21.67 

21.57 

21.73 

21.84 

21.86 

21.92 

21.80 

21.79 


$123.43 
122.39 
122.84 
121.55 
118.30 
117.24 
119.16 
118.52 
117.43 
115.44 
114.62 
114.66 

115.10 
114.25 
112.28 
110.92 
114.25 
113.37 
118.12 
119.77 
119.33 
119.29 
121.97 
122.92 

123.43 
125.42 
123.52 
128.04 
128.98 
125.98 
122.27 
123.89 
122.54 
123.10 
123.52 
122.05 

120.83 
119.72 
120.46 
119.21 
118.32 
120.05 
116.31 
118.51 
122.05 
123.90 
125.50 
125.73 


138  Agricultural  Prices 

DUNS  INDEX  NUMBERS— MONTHLY  RECORD,  1903-1919— Continued. 


m 


1914 — January  . 
February 
March  .  . 
April  .  . 
May  .  .  . 
June  .  .  . 
July  .  .  . 
August  .  . 
September 
October  . 
November 
December 

1915 — January  . 
February 
March  .  . 
April  .  . 
May  .  .  . 
June  .  .  . 
July  .  .  . 
August  .  . 
September 
October  . 
November 
December 


1916 — January  . 
February 
March  .  . 
April  .  . 
May  .  .  . 
June  .  .  . 
July  .  .  . 
August  .  . 
September 
October  . 
November 
December 

1917 — January  . 
February 
March  .  . 
April  .  . 
May  .  .  . 
June  .  .  . 
July  .  .  . 
August  .  . 
September 
October  . 
November 
December 


$21.96 
20.96 
22.11 
21.40 
21.54 
23.16 
21.08 
22.56 
26.25 
24.44 
25.30 
24.42 

25.891 

29.05 
28.60| 
28.861 
29.80J 
28.351 
26.46! 
25.991 
24.971 
23.54| 
24.02] 
25.161 


,1   25 


27.31 

28.78! 

26.27] 

26.70] 

26.77 

25.631 

26.37 

28.66] 

i   31.061 

i  31.82' 

1  36.771 

I  36.09] 

I  I 

I  36.15! 

I  37.86] 
I  40.95] 
43.811 
55.36| 
53.50] 
53.91 
64.071 
54.68] 
55.51] 
55.68 
53.99 


$12.15 
12.62 
13.16 
12.86 
12.81 
13.06 
12.97 
13.42 
12.83 
12.09 
11.90 
11.32 

10.70 
10.60 
10.73 
11.07 
11.66 
12.51 
12.13 
11.38] 
11.44] 
11.46] 
11.39] 
10.55] 

11.49 
12.23 
I3.22I 
14.161 
14.61] 
15.04] 
14.40] 
13.651 
14.69| 
13.69] 
14.231 
14.24] 

i 
15.02] 
16.12] 
17.03 
18.89] 
19.38| 
19.81 
I8.82I 
17.74] 
19.35] 
I9.I2I 
18.161 
19.00| 


$20.08  $10.95 
18.05  11.00 
16.00 
15.87 


16.43 
16.11 
17.24 
16.20 
17.43 
17.32 
18.58 
19.82 

19.28 
17.46] 

15.58 
15.58! 
15.461 
15.13] 
15.56! 
16.03] 
16.251 
18.76] 
20.61] 
20.97] 

20.50 
20.40 
2O.81I 
21.25] 
20.63] 
19.26] 
19.43] 
17.36 
2I.54I 
20.70| 
24.271 
25.40 

25.16] 
27.37] 
31.501 
29.30] 
30.72] 
33.60] 
26.44! 
21.24] 
22.75] 
25.80 
25.88 
27.02 


11.36 
10.68 
10.46 
10.61 
10.44 
10.28 
11.72 
11.42] 
10.88 
10.541 

10.60 
IO.47I 
10.821 
10.76] 
10.70] 
10.591 
10.72 
10.971 
10.85] 
10.71 
10.95! 
11.22 

II.21I 
11.40 
11.52 
11.93 
12.07 
12.23 
12.15 
12.01 
11.96 
12.61] 
13.02] 
I2.92I 
I 
12.92 
12.98 
13.16 
13.28 
13.71 
13.86 
14.22 
15.21 
15.551 
16.08 
18.72 
18.76 


$20.66 
20.24 
20.43 
20.64 
19.96 
20.68 
20.83 
20.97 
20.39 
20.25 
19.97 
19.88 

19.72 
20.111 
20.22 
20.48 
20.78 
20.74 
20.90 
21.40 
21.46 
21.92 
22.32 
22.80 

23.42 
23.60 
23.78 
24.94 
25.13 
25.39 
25.80 
25.89 
26.51 
26.82 
29.09 
30.23 


$16.17 
16.18 
15.88 
15.78 
15.55 
15.69 
15.69 
15.76 
16.12 
15.97 
15.84 
16.13 

16.16 
16.29 
16.34 
15.94 
15.83 
16.13 
16.60 
16.61 
16.95 
17.06 
17.27 
18.32 

18.89 
19.81) 
20.38] 
20.641 
20.881 
21.65| 
21.17] 
21.05] 
21.221 
21.32] 
21.79) 
23.391 


30.08 

24.45 

30.38]  25.02 

30.38]  25.97 

30.67]   26.68 

32.081  28.44 

33.02 

29.88 

36.52 

32.39 

36.91 

32.57 

38.61 

32.65 

39.43 

31.15 

40.44 

29.84 

40.74 

28.41 

$22.54 
22.57 
22.77 
22.54 
21.44 
21.76 
21.42 
21.52 
22.19 
22.01 
21.84 
22.04 

21.79 
21.65 
21.85 
22.38 
22.38 
22.50 
22.56 
22.67 
22.74 
23.17 
23.87 
24.10 

24.82 
26.02 
26.10 
26.04 
26.08 
26.17 
25.79 
25.27 
25.02 
25.37 
25.63 
25.80 

25.76 
26.51 
27.21 
27.35 
28.72 
28.88 
29.61 
31.01 
31.39 
32.55 
32.00 
32.22 


$124.52 
121.64 
121.77 
119.79 
118.23 
121.09 
119.70 
120.74 
126.97 
123.53 
124.34 
124.18 


Appendix  139 

DUN'S  INDEX  NUMBERS— MONTHLY  RECORD,  1903-1919— Continued. 


CQ 


1918 — January  . 
February 
March  .  . 
April  .  . 
May  .  .  . 
June  .  .  . 
July  .  .  . 
August  .  . 
September 
October  . 
November 
December 

1919 — January  . 
February 
March  .  . 
April  .  . 
May  .  .  . 
June  .  .  . 
July  .  .  . 
August  .  . 
September 
October  . 
November 
December 

1920— January   . 
February 


$54.27 
54.00 
55.49 
57.03 
51.32 
48.36 
51.42 
51.62 
50.31 
49.19 
47.47 
47.94 

48.59 
44.99 
44.63 
49.03 

48.871 
51.231 
51.72 
54.751 
53.231 
48.001 
47.521 
48.281 

48.94J 
50.631 


"O 

a 

j3 

>> 

O 

rt 

rt 

QO  1 

$19.29 
"20.571 
20.91 
22.241 
22.461 
22.361 
23.71] 
23.081 
23.661 
22.901 
21.931 
21.551 

22.191 

21.53] 

22.021 

22.891 

24.361 

24.7l| 

25.661 

25.10 

23.79 

20.08 

19.14 

20.00 

19.96 
20.94 


$27.41 
28.76 
27.12 
24.15 
23.70 
23.82 
24.75 
24.68 
25.00 
26.43 
27.33 
27.63 

27.13 
24.701 
22.931 
24.44i 
26.121 
26.901 
26.161 
26.87| 
26.291 
27.981 
28.73| 
30.091 

29.08f 
28.841 


$18.74 
18.84 
19.19 
20.32 
21.41 
21.09 
21.92 
22.30 
22.49 
23.01 
23.36 
23.40 

23.96 
23.40 
23.84| 
23.82! 
22.72 
22.801 
23.34 
23.69 
23.47 
23.38 
24.15 
24.63 

24.94 
25.45 


$40.88 
42.38 
42.21 
43.32 
43.45 
44.70 
45.23 
44.28 
44.73; 
44.53 
43.67 
43.15 

43.19 
42.24 
40.46 
39.17 
39.561 
41.79 
45.621 
48.55 
47.92 
49.85 
51.40 
52.28 

52.78 
54.42 


$29.27 
29.58 
29.91 
29.50 
29.88 
29.93 
30.17 
30.34 
30.60| 
30.671 
30.551 
30.391 

28.761 
28.58i 
28.21J 
25.63 
25.79 
25.55! 
25.751 
.26.60; 
26.531 
26.571 
26.71 
27.72 

28.961 
29.761 


$32.29 
32.85 
33.11 
33.72 
34.42 
34.55 
35.34 
35.73 
36.05 
36.47i 
36.20 
36.28 

36.29 
34.58 
34.91 
34.96 
34.75 
34.95 
35.43 
36.05 
37.09 
39.97 
40.89 
41.61 

42.73 
43.72 


$222.17 
227.02 
227.97 
230.31 
226.66 
224.84 
232.57 
232.05 
232.88 
233.22 
230.52 
230.37 

230.14 
220.05 
217.03 
219.97 
222.19 
227.97 
233.70 
241.65 
238.34 
235.86 
238.57 
244.63 

247.39 
253.75 


NOTE— Breadstuffs  include  quotations  of  wheat,  com.  oats,  rye  and 
barley,  besides  beans  and  peas;  meats  include  live  hogs,  beef,  sheep  and 
various  provisions,  lard,  tallow,  etc.;  dairy  and  garden  include  butter, 
eggs,  vegetables  and  fruits;  other  foods  include  fish,  liquors,  condiments, 
sugar,  rice,  tobacco,  etc.;  clothing  includes  the  raw  material  of  each  in- 
dustry, and  many  quotations  of  woolen,  cotton  and  other  textile  goods,  as 
well  as  hides  and  leather;  metals  include  various  quotations  of  pig  iron, 
and  partially  manufactured  and  finished  produces,  as  well  as  minor  metals, 
coal  and  petroleum.  The  miscellaneous  class  embraces  many  grades  of 
hard  and  soft  lumber,  lalli.  brick,  lime,  glass,  turpentine,  hemp,  linseed 
oil,  paints,  fertilizers  and  drugs. 


140 


Agricultural  Prices 


AVERAGE  HOG  PRICES  AT  CHICAGO. 
(This  includes  heavy  hogs,  light  hogs  and  pigs.) 


1903. 

1904. 

1905. 

1906. 

1907. 

1908. 

1909. 

1910. 

1911. 

1912. 

Jan.     .    .    . 

$  6.401$  4.90 

$  4.65 

$  5.40i$  6.60!$  4.40 

$  6.10 

$  8.55 

$  7.95 

$  6.25 

Feb. 

6.75 

5.15 

4.85 

6.00 

7.05 

4.45 

6.35 

9.05 

7.40 

6.20 

Mar. 

7.30 

5.35 

5.15 

6.30 

6.65 

5.00 

6.70 

10.55 

6.85 

7.10| 

Apr. 

7.20 

5.10 

5.45 

6.55 

6.65 

5.85 

7.20 

9.90 

6.25 

7.80 

May- 

6.45 

4.65 

5.40 

6.45 

6.40 

5.50 

7.30 

9.55 

6.00 

7.65 

June 

6.00 

5.05 

5.35 

6.55 

6.10 

5.80 

7.65 

9.45 

6.25 

7.50 

July 

5.55 

5.40 

5.65 

6.65 

6.05 

6.50 

7.85 

8.75 

6.70 

7.65 

Aug. 

5.45 

5.30 

5.95 

6.25 

6.00 

6.55 

7.75 

8.35 

7.30 

8.25 

Sep. 

5.85 

5.75 

5.50 

6.25 

6.00 

6.85 

8.20 

8.90 

6.90 

8.45 

Oct. 

5.55 

5.40 

5.25 

6.40 

6.15 

5.95 

7.75 

8.50 

6.45 

8.75 

Nov.  . 

4.65 

4.80 

4.85 

6.20 

4.90 

5.80 

8.00 

7.60 

6.30 

7.75 

Dec.     . 

4.55 

4.50 

4.90 

6.25 

4.70 

5.65 

8.35 

7.65 

6.40 

7.40 

Av.*    .     . 

6.00 

5.15 

5.25 

6.25 

6.10 

5.70 

7.35 

8.90 

6.70 

7.55 

AVERAGE  HOG  PRICES  AT  CHICAGO— Continued. 
(This  includes  heavy  hogs,  light  hogs  and  pigs.) 


1 

j  1913. 

1914. 

1915.    1916. 

1917. 

1918. 

1919. 

1920. 

1921. 

1922. 

Jan.     .    .    .1$  7.45 

$  8.30 

$  6.90$  7.20 

$10.90 

$16.30 

$17.60 

Feb. 

8.15 

8.60 

6.80 

8.20 

12.45 

16.65 

17.65 

Mar. 

8.90 

8.70 

6.75 

9.65 

14.80 

17.10 

19.10 

Apr. 

9.05 

8.65 

7.30 

9.75 

15.75 

17.45 

20.40 

May 

8.55 

8.45 

7.60 

9.85 

15.90 

17.45 

20.60 

June 

8.65 

8.20 

7.60 

9.70 

15.50 

16.60    20.40 

July 

9.05 

8.70 

7.25 

9.80 

15.20 

17.75    21.85 

Aug. 

8.35 

9.00 

6.90 

10.30 

16.90 

19.00    20.00 

Sep. 

8.30 

8.85 

7.25 

10.70 

18.20 

19.65 

17.45 

Oct. 

8.20 

7.65 

7.90 

9.80 

17.15 

17.70 

14.35 

Nov. 

7.75 

7.50 

6.65 

9.60 

17.40 

17.70 

14.20 

Dec. 

7.70 

7.10 

6.40 

9.95 

16.85 

17.551  13.60 

Av.*    .    . 

8.35 

8.30 

7.10]     9.00 

15.10|   17.451   17.85 

*T 

hi 

s  i 

s  the  8 

iverag( 

5  as  gi 

ven  in 

the  D 

rovers 

'  Jouri 

[lal  Ye 

ar-Boo 

ks.    It 

evidently  is  a  weighted  avei'age  based  on  varying  receipts. 


AVERAGE  HOG  PRICES  AT  SIOUX  CITY. 


1917. 


1918. 


1919. 


1920. 


1921. 


1922. 


January  . 

February 
March  .  . 
April  .  . 
May  .  .  . 
June  .  , 
July  .  . 
August  . 
September 


$10.53 
12.03 
14.20 
15.38 
15.56 
15.12 
14.81 
16.61 
17.82 


October I  17.24 


November 
December 
Average* 


17.10 
16.631 


$16.17 
16.20 
16.61 
16.86 
16.89 
16.35 
17.29 
18.50 
18.25 
17.77 
17.33 
17.15 


15.25|  17.11 


$17.03 
17.15 
18.43 
20.08 
20.23 
20.11 
21.23 
19.35 
16.32 
13.76 
13.77 
13.33 


♦This  is  a  simple  average  and  not  strictly  comparable  with  the  Chi- 
cago averages,  which  are  weighted  on  the  basis  of  varying  receipts. 


Appendix 


141 


CHICAGO  AVERAGE  PRICES 

OF  LIGHT  HOGS. 

1903. 

1 

1904. 

1905.(1906. 

1907. 

1908. 

1909. 

1910. 

1911. 

1912. 

January  

$ 

6?^n 

$ 
4.80 
4.95 
5.25 
5.05 
4.60 
5.05 
5.45 
5.45 
5.85 
5.40 
4.70 
4.40 

$         $ 
4.50    5.35 

6.55 
7.05 
6.65 
6.65 
6.40 
6.10 
6.05 
6.00 
6.00 
6.15 
4.95 
4.65 

$ 
4.35 
4.35 
4.95 
5.80 
5.45 
5.75 
6.40 
6.45 
6.70 
5.75 
5.55 
5.45 

$ 
5.95 
6.25 
6.60 
7.15 
7.10 
7.50 
7.85 
7.95 
8.25 
7.65 

$ 
8.45 
8.85 
10.40 
9.70 
9.60 
9.65 
8.90 
8.55 
8.10 
8.70 

1 
8.00 
7.55 
7.00 
6.45 
6.10 
6.30 
6.80 
7.40 
7.05 
6.30 
6.00 
5.85 

$ 
6.05 

February     

March 

6.50 
710 

4.75 
5.10 
5.40 
5.40 
5.35 
5.70 
6.05 
5.55 
5  85 

5.95 
6.30 
6.50 
6.45 
6.55 
6.70 
6.35 
6.40 
6.35 

6.10 
7.05 

April 

7.05 

7.70 

May 

6.30 
5.95 
5  70 

7.50 

June 

7.35 

July 

7.65 

August 

September 

October 

5.70 
6.05 
5.70 

8.35 

8.65 
8.60 

November 

December 

4.70 
4.40 

4.85 
4.90 

6.20 
5.20 

7.85 
8.20 

7.65 
7.65 

7.70 
7.30 

CHICAGO  AVERAGE  PRICES  OF  LIGHT  HOGS— Continued. 


1913. 


1914.11915. 


1916. 


1917.  1918.  1919.11920. 


1921. 


1922. 


January  . 
February 
March  .   . 
April     .   . 
May  .   .    . 
June  .   .   . 
July    .   .   . 
August  .   . 
September 
October    . 
November 
December 


7.45 
8.20 
9.00 
9.10 
8.60 
8.70 
9.10 


8.75 
8.35 
7.60 
7.60 


8.25 
8.60 
8.75 
8.70 
8.50 
8.20 
8.70 
9.20 
9.05 
7.65 
7.35 
7.00 


6.90 
6.85 
6.75 
7.35 
7.65 
7.70 
7.55 
7.40 
7.55 
7.85 
6.50 
6.25 


7.15 
8.05 
9.50 
9.60 
9.70 
9.60 
9.80 
10.50 
10.80 
9.70 
9.20 
9.65 


10.70 
12.25 
14.60 
15.50 
15.60 
15.35 
15.00 
16.70 
18.15 
16.85 
17.10 
16.55 


16.2017.45 
16.60il7.45 
17.25119.15 
17.6020.40 
17.60'20.70 
16.75120.60 
17.70^22.10 
19.25  20.50 


19.90 
17.90 
17.55 
17.35 


17.90 
14.50 
14.35 
13.75 


Jan.     . 

•1            1            1 

1          1          1 

Feb. 

Mar. 

!          1 

1 

Apr. 

1 

May 

June 

July 

Aug. 

Sep. 

Oct. 

Nov. 

Dec. 

Totals       1            1            1 

142 


Agricultiual  Prices 


AVERAGE  PRICES  OF  PIGS  AT  CHICAGO. 


1903. 

1904. 

1905. 

1906. 

1907. 

1908. 

1909. 

1910. 

1911. 

1912. 

Jan.     .    .    . 

$  5.901$  4.30 

$  4.15  $  5.00$  6.15 

$  4.00 

$  5.15 

$  7.95 

$  7.75 

$  5.25 

Feb. 

6.20 

4.45 

4.30 

5.50 

6.55 

4.10 

5.50 

8.40 

7.30 

5.40 

Mar. 

6.60 

4.75 

4.65 

5.90 

6.20 

4.60 

5.90 

9.90 

6.75 

6.25 

Apr. 

6.70 

4.55 

5.00 

6.10 

6.25 

5.20 

6.20 

9.85 

6.25 

6.50 

May 

6.00 

4.25 

5.05 

6.05 

6.05 

4.80 

6.30 

9.30 

5.80 

6.35 

June 

5.85 

4.65 

4.90 

6.15 

6.75 

5.00 

6.75 

9.35 

5.95 

6.25 

Julv 

5.S5 

5.20 

5.40 

6.40 

5.80 

5.40 

7.15 

8.90 

6.00 

6.80 

Aug. 

5.80 

5.30 

5.80 

6.10 

5.80 

5.30 

7.40 

8.90 

5.90 

7.20 

Sep. 

5.55 

5.40 

5.15 

6.10 

5.85 

5.50 

7.50 

9.00 

5.70 

7.00 

Oct. 

5.25 

5.00 

4.90 

6.15 

6.10 

4.70 

6.80 

8.55 

5.15 

7.20 

Nov. 

4.50 

4.40 

4.65 

6.05 

4.60 

4.50 

7.05 

7.40 

4.90 

6.30 

Dec. 

4.20 

4.10 

4.70 

6.00 

4.30 

4.40 

7.50 

7.35 

5.10 

6.35 

AVERAGE  PRICES  OF  PIGS  AT  CHICAGO— Continued. 


1913. 

1914. 

1915. 

1916. 

1917. 

.    .    .1$  6.70 

$  7.60 

$  6.35 

$  6.50 

$  9.75 

7.55 

8.20 

6.45 

7.25 

10.90 

8.30 

8.10 

6.20 

8.35 

12.40 

8.10 

8.10 

6.50 

8.40 

12.90 

7.75 

8.00 

6.85 

8.75 

13.40 

7.90 

7.70 

6.90 

8.35 

13.70 

8.35 

8.20 

7.10 

9.25 

13.85 

7.00 

8.25 

7.35 

9.40 

14.50 

6.65 

7.90 

7.25 

9.001  16.25 

6.50 

7.05 

7.10 

8.65 

14.40 

6.45 

6.00 

5.75 

8.15 

16.30 

6.90 

5.85 

5.65 

8.75 

14.35 

1918. 


1919. 


1920. 


1921. 


1922. 


Jan. 

Feb. 

Mar. 

Apr. 

May 

June 

July 

Aug. 

Sep. 

Oct. 

Nov. 

Dec. 


$14.30 
14.60 
15.50 
16.15 
16.65 
16.30 
17.00 
18.10 
18.25 
14.75 
14.00 
13.75 


$14.35 
15.40 
16.80 
17.50 
17.85 
17.50 
19.75 
17.50 
16.25 
13.40 
13.20 
12.50 


Jan. 

Feb. 

Mar. 

Apr. 

May 

June 

July 

Aug. 

Sep. 

•^ 

Oct. 

.| 

Nov. 

•1 

Dec. 

•1 

Totals       1 

Appendix 


143 


CHICAGO  TOP  HOG  PRICES. 


1903. 

1 

1904. 

1905. 

1906. 

1907. 

1908. 

1909. 

1910. 

1911. 

1912. 

Jan.  .  .  . 

$  7.10 

$  5.20 

$  5.00 

$  5.72 

$  7.05 

$  4.72 

?  6.70i$  9.05  $  8.30!$  6.70 

Feb. 

7.55 

5.80 

5.12 

6.42 

7.25 

4.70 

6.95 

10.00 

7.90 

6.57 

Mar. 

7.87 

5.82 

5.55 

6.55 

7.10 

6.35 

7.15 

11.20 

7.35 

7.95 

Apr. 

7.65 

5.50 

5.72 

6.82 

6.90 

6.45 

7.60 

11.00 

6.90 

8.20 

May 

7.15 

4.95 

5.65 

6.67 

6.65 

5.90 

7.55 

9.85 

6.50 

8.05 

June 

6.45 

5.45 

5.70 

6.85 

6.42 

6.67 

8.20 

9.80 

6.72 

7.80 

July 

6.10 

5.90 

6.17 

7.00 

6.65 

7'.10 

8.45 

9.60 

7.55 

8.50 

Aug. 

6.20 

5.80 

6.45 

6.75 

6.72 

7.10 

8.32 

9.70 

7.95 

9.00 

Sep. 

6.45 

6.37 

6.20 

6.82 

7.00 

7.60 

8.60 

10.10 

7.80 

9.27 

Oct. 

6.50 

6.30 

5.80 

6.85 

7.00 

7.20 

8.40 

9.65 

6.90 

9.42 

Nov. 

5.50 

5.25 

5.25 

6.50 

6.32 

6.40 

8.45 

8.70 

6.^2 

8.30 

Dec. 

4.90 

4.87 

5.35 

6.55 

5.30 

6.15 

8.75 

8.10 

6.60 

7.85 

Y'rly  av. 

6.62 

5.60| 

5.66 

6.62 

6.70 

6.36 

7.93 

9.73 

7.27 

8.14 

CHICAGO  TOP  HOG  PRICES— Continued. 


1913. 

1914. 

1915.  1916.  1917. 

1918. 

1919.  1920. 

1921. 

1922. 

Jan.  .  .  . 

$  7.80 

$  8.60 

$  7.40!$  8.10|$12.00|$16.90 

$18,001 

' 

Feb. 

8.70 

8.90 

7.25   8.90 

13.55 

17.70 

18.15 

Mar. 

9.62 

9.00 

7.05  10.10 

15.55 

18.15 

19.95 

Apr. 

9.70 

8-.  9  5 

7.90  10.10 

16.50i  18.10 

21.15 

May 

8.85 

8.67 

7.95  10.35!  16.65 

18.30 

21.55 

June 

9.00 

8.52 

7.95i  10.15  16.17 

17.35 

21.60 

July 

9.62 

9.30 

8.12  10.25  16.30 

19.40 

23.60 

Aug. 

9.40 

10.20 

8.05  11.55  20.00 

20.30 

23.50 

Sep. 

9.65   9.75 

8.50  11.60 

19.70 

20.95 

21.00 

Oct. 

9.10 

9.05 

8.95  10.55 

19.65 

19.95 

17.20 

Nov. 

8.30 

8.25 

7.75  10.35 

18.10 

18.60 

15.50 

Dec. 

8.15 

7.75 

7.10  10.80  17.75 

18.00  14.60 

Y'rly  av. 

8.98 

8.91| 

7.83|  10.23  16.82 

18.64|  19.63 

1    ! 

Jan. 

FebT 

Mar. 

Apr. 

May 

June 

July" 

Aug. 

Sep. 

Oct. 

Nov. 

Dec" 


J L 

I        I 


I        I 


Totals 


lU 


Agricultural  Prices 


ST.   LOUIS  TOP   HOG   PRICES, 


1903. 

1904. 

1905.    1906. 

1907. 

1908.  1  1909. 

1 

1910. 

1911. 

1912. 

Jan.     .    .    . 

$  7.00 

$  5.25 

$  5.02 

$  5.75 

$  6.87 

$  4.90|$  6.75 

$  9.00 

$  8.27 

$  6.50 

Feb. 

7.50 

5.80 

5.20 

6.40 

7.20 

4.62 

7.00 

9.75 

8.05 

6.55 

Mar. 

7.75 

5.75 

5.50 

6.52 

7.15 

6.20 

7.15 

11.07 

7.60 

8.05 

Apr. 

7.75 

5.75 

5.70 

6.75 

6.85 

6.40 

7.60 

11.15 

7.20 

8.15 

May 

7.20 

4.90 

5.60 

6.62 

6.65 

5.90 

7.60 

9.80 

6.40 

8.10 

June 

1     6.25 

5.50 

5.42 

6.80 

6.40 

6.30 

8.35 

9.75 

6.70 

7.80 

July 

6.10 

5.75 

6.10 

7.00 

6.45 

7.00 

8.50 

9.70 

7.35 

8.35 

Aug. 

6.20 

5.72 

6.35 

6.75 

6.80 

7.10 

8.25 

9.45 

7.92 

9.05 

Sep. 

6.35 

6.25 

6.35 

6.75 

6.85 

7.50 

8.02 

10.10 

7.85 

9.30 

Oct. 

6.25 

6.30 

5.60 

6.80 

7.00 

7.20 

8.50 

9.45 

6.90 

9.32 

Nov. 

5.25 

5.25 

5.15 

6.50 

6.35 

6.25 

8.25 

8.90 

6.70 

8.35 

Dec. 

4.87 

4.85 

5.30 

6.50 

5.30 

6.25 

8.70 

8.10 

6.65 

7.92 

Y'rly  av. 

6.58 

5.50 

5.60 

6.59 

6.65 

6.30 

7.90 

9.68 

7.29 

8.12 

ST 

.  LOU 

IS  TOP  HOC 

i  PRIC 

JES — Continued. 

1913. 

1914. 

1915. 

1916. 

1917. 

1918. 

1919. 

1920. 

1921. 

1922. 

Jan.     .    .    . 

$  7.70 

$  8.65 

$  7.45 

$  8.10 

$12.00 

$16.95 

$18.20 

Feb. 

8.60 

9.00 

7.25 

8.70 

13.00 

17.60 

18.35 

Mar. 

9.40 

9.00 

7.45, 

10.15 

15.50 

18.30 

20.05 

Apr. 

9.55 

9.00 

7.85 

10.05 

16.40 

18.15 

21.15 

May 

8.85 

8.80 

7.95 

10.25 

16.55 

18.10 

21.20 

June 

9.00 

8.55 

7.90 

10.05 

16.15 

17.35 

21.75 

July 

9.55 

9.32 

8.25 

10.25 

16.00 

19.15 

23.50 

Aug. 

a,4o 

10.00 

8.00 

11.30 

19.80 

20.25 

23.55 

Sep. 

9.50 

9.60 

8.40 

11.50 

19.65 

20.75 

20.5a 

Oct. 

9.05 

9.00 

8.90 

10.50 

19.75 

20.05 

17.70 

Nov.    . 

8.30 

8.00 

7.70 

10.40 

18.05 

18.60 

15.60 

Dec. 

8.15 

7.65 

7.10 

10.80 

17.85 

18.20    14.85 

Y'rly  av. 

8.92 

8.87 

7.85    10.17 

16.72 

18.62    19.70 

Jan.     .    .   . 





Feb. 

Mar. 

Apr. 

May 

June 

July 

Aug. 

Sep. 

Oct. 

Nov. 

Dec. 

Totals 

Appendix 


145 


OMAHA 

TOP 

HOG 

PRICES. 

1903. 

1904. 

1905. 

1906. 

1907. 

1908. 

1909. 

1910. 

1911. 

1912. 

Jan.     .    .    . 

$  6.85 

$  5.00  $  4.85 

$  5.50 

$  6.95 

$  4.501$  6.25 

$  8.70 

$  8.10 

$  6.40 

Feb. 

7.20 

5.60 

5.00 

6.20 

7.05 

4.42 

6.60 

9.55 

7.57 

6.37 

Mar. 

7.55 

5.40 

5.25 

6.37 

6.90 

5.92 

6.95 

10.85 

7.10 

7.77 

Apr. 

7.40 

5.17 

5.40 

6.55 

6.50 

5.95 

7.30 

10.80 

6.55 

7.90 

May 

6.95 

4.77 

5.37 

6.45 

6.50 

5.50 

7.45 

9.57 

6.10 

7.82 

June 

6.25 

5.27 

5.35 

6.60 

6.20 

6.10 

7.85 

9.55 

6.45 

7.60 

July 

5.65 

5.35 

5.70 

6.75 

6.30 

6.60 

8.05 

9.20 

7.00 

8.00 

Aug. 

5.80 

5.40 

6.10 

6.45 

6.25 

6.70 

8.05 

9.35 

7.65 

8.65 

Sep. 

6.00 

6.05 

5.75 

6.45 

6.35 

7.05 

8.30 

9.60 

7.40 

8.80 

Oct. 

5.85 

5.85 

5.37 

6.45 

6.50 

6.85 

8.00 

9.05 

6.50 

9.00 

Nov. 

5.25 

5.00 

5.00 

6.27 

5.75 

6.05 

8.20 

8.65 

6.50 

8.00 

Dec. 

4.75 

4.65 

5.20 

6.35 

4.80 

6.00 

8.50 

7.90 

6.22 

7.75 

Y'rly  av. 

6.29 

5.29 

5.36 

6.37 

6.34 

5.97 

7.62 

9.40 

6.93 

7.84 

OMAHA  TOP  HOG  PRICES— Continued. 


1913. 

1914. 

1915. 

1916. 

1917. 

1918.    1919. 

1920. 

1921. 

1922. 

Jan. 
Feb. 
Mar. 
Apr. 
May 
June 
July 
Aug. 
Sep. 
Oct. 
Nov. 
Dec. 

$  7.45 
8.25 
8.95 
9.05 
8.65 
8.67 
9.15 
8.05 
8.75 
8.55 
7.85 
7.80 

$  8.45 
8.60 
8.70 
8.72 
8.40 
8.32 
8.95 
9.35 
8.90 
8.25 
8.05 
7.25 

$  7.35 
6.95 
6.82 
7.50 
7.60 
7.60 
7.65 
7.60 
8.15 
8.60 
7.35 
6.65 

$  7.80 

8.55 

9.65 

9.00 

9.90 

9.80 

10.00 

10.85 

11.10 

10.15 

10.15 

10.35 

$11.70 
13.30 
15.05 
16.20 
16.20 
15.75 
15.65 
19.60 
19.45 
19.50 
17.90 
17.50 

$16.75 

ir.3o 

17.35 
17.45 
17.50 
16.85 
18.85 
19.65 
20.40 
19.40 
18.15 
17.70 

$17.65 
17.75 
19.50 
20.85 
20.80 
21.10 
22.85 
22.75 
19.25 
16.65 
15.35 
14.75 

Y'rly  av. 

8.43 

8.50 

7.48i     9.77|   16.48]   18.11 

19.10 

1 

Jan. 

Feb. 

Mar. 

Apr. 

May 

June 

July 

« 

Aug. 

Sep. 

Oct. 

Nov. 

' 

Dec. 

Totals 

146 


Agriculturat,  Prices 
KANSAS  CITY  TOP  HOG  PRICES. 


1903. 

1904. 

1905. 

1906. 

1907. 

1908. 

1909. 

1910. 

1911. 

1912. 

Jan.     .    .    . 

$  6.97|$  5.151$  5.00i$  5.60 

$  7.00 

$  4.651$  6.451$  8.75 

$  8.10 

$  6.45 

Feb. 

7.25 

5.60 

5.12 

6.25 

7.15 

4.58 

6.60 

9.60 

7.75 

6.40 

Mar. 

7.60 

5.52 

5.37 

6.42 

7.05 

6.25 

6.95 

10.95 

7.15 

7.90 

Apr. 

7.50 

5.35 

5.52 

6.60 

6.67 

6.20 

7.35 

10.80 

6.70 

8.05 

May 

7.00 

4.87 

5.50 

6.50 

6.52 

5.67 

7.50 

9.67 

6.20 

7.95 

June 

6.07 

5.32 

5.50 

6.67 

6.30 

6.20 

7.95 

9.65 

6.50 

7.80 

July 

5.S5 

5.70 

5.87 

6.87 

6.40 

6.95 

8.12 

9.35 

7.10 

8.20 

Aug. 

6.15 

5.50 

6.25 

6.40 

6.32 

6.95 

8.05 

9.55 

7.70 

8.82 

Sep. 

6.20 

6.07 

5.92 

6.60 

6.50 

7.20 

8.37 

9.85 

7.50 

8.90 

Oct. 

6.17 

5.97 

5.40 

6.57 

6.60 

6.85 

8.17 

9.35 

6.60 

9.05 

Nov. 

5.35 

5.25 

5.00 

6.37 

5.90 

6.20 

8.27 

8.60 

6.62 

8.00 

Dec. 

4.80 

4.70 

5.17 

6.45 

5.02 

5.97 

8.60 

7.90 

6.40 

7.90 

Y'rly  av. 

6.41 

5.42 

5.47 

6.44 

6.45 

6.14 

7.70 

9.50 

7.03 

7.95 

KANSAS  CITY  TOP  HOG  PRICES— Continued. 


1913. 

1914. 

1915.    1916. 

1917. 

1918. 

1919. 

1920. 

1921. 

1922. 

Jan.     .    .    . 

$  7.57 

$  8.50 

$  7.351$  8.00 

$11.90 

$16.95 

$17.70 

Feb. 

8.50 

8.75 

7.02      8.67 

13.45 

17.75 

18.00 

Mar. 

9.20 

8.80 

7.05      9.80 

15.35 

17.50 

19.80 

Apr. 

9.25 

8.80 

7.65 

9.90 

16.30 

17.75 

21.00 

May 

8.77 

8.50 

7.80 

10.05 

16.45 

17.70 

21.10 

June 

8.80 

8.45 

7.85 

10.00 

15.90!   17.00 

21.35 

July 

9.25 

9.15 

7.80 

10.10 

16.10 

19.15 

23.40 

Aug. 

8.95 

9.75 

7.70 

11.10 

20.00 

20.15 

23.20 

Sep. 

9.10 

9.45 

8.25 

11.15 

19.45 

20.65 

20.10 

Oct. 

8.60 

8.37 

8.60 

10.40 

19.65 

18.45 

16.70 

Nov. 

8.00 

8.10 

7.50 

10.15 

17.85 

18.25 

15.60 

Dec. 

7.95 

7.40 

6.82 

10.60 

17.70 

17.75 

15.00 

Y'rly  av.  t     8.66 

8.67 

7.62(     9.91 

16.67 

17.42 

19.41 

1 

Jan. 

\ 

Feb. 

Mar. 

Apr. 

May 

June 

July 

Aug. 

Sep. 

Oct. 

. 

Nov. 

Dec. 

Totals       1 

Appendix 


147 


AVERAGE  PRICES  OF  NATIVE  BEEF  CATTLE   (900  to  1,900  POUNDS) 

AT  CHICAGO. 


Jan. 

Feb. 

Mar. 

Apr. 

May 

June 

July 

Aug. 

Sep. 

Oct. 

Nov. 

Dec. 


1903.    1904.    1905.    1906.  I  1907.    1908.    1909.    1910.    1911.    1912. 


$  4.S0|$  4.65 

4.60 

4.50 

4.75 

4.60 

4.90 

4.65 

4.80 

4.85 

4.90 

5.60 

4.95 

5.40 

5.00 

5.10 

4.95 

5.10 

4.70 

5.20 

4.45      4.95 

4.551     4.40 

4.651 

4.751 

5.00 

5.75 

5.45 

5.25 

4.95 

5.00 

5.05 

4.80 

4.65 

4.75 


5.00 
5.05 
5.15 
5.05 
5.20 
5.20 
5.40 
5.45 
5.50 
5.60 
5.60 
5.50 


5.60| 

5.55 

5.55 

5.65 

5.65 

6.20 

6.40 

6.25 

6.10 

6.10 

5.401 

5.I0I 


5..30 
5.40 
6.00 
6.50 
6.60 
6.90 
6.45 
6.00 
5.95 
5.70 
5.90 
6.00 


6.00 

5.8 

6.10 

6.10 

6.45 

6.45 

6.45 

6.70 

6.75 

6.60 

6.45 

6.20 


6.20 
6.35 
7.35 
7.55 
7.50 
7.50 
7.10 
6.85 
6.80 
6.60 
6.20 
6.00 


6.15'$ 

6.15 

6.20 

6.10 

5.95 

6.05 

6.30' 

6.95 

6.80 

6.75 

6.70 

6.65 


6.85 
6.60 
7.20 
7.65 
7.95 
8.00 
7.90 
8.5a 
8.15 
7.90 
8.10 
7.85 


AVERAGE  PRICES  OF  NATIVE  BEEF  CATTLE  (900  to  1,900  POUNDS) 
AT  CHICAGO— Continued. 


Jan. 

Feb. 

Mar. 

Apr. 

May 

June 

July 

Aug. 

Sep. 

Oct. 

Nov. 

Dec. 


1913.    1914. 


7.S0j$  8.45 
8.25      8.30 


8.30 
8.15 
8.00 
8.15 
8.25 
8.30 
8.50 
8.40 
8.25 
8.20 


8.35 
8.50 
8.40 
8.60 
8.80 
9.10 
9.35 
9.05 
8.60 
8.35 


1915. 


8.05 
7.50 
7.65 
7.70 
8.35 
8.80 
9.20 
9.05 
8.95 
8.80 
8.70 
8.35 


1916. 


?  8.35 
8.35 
8.75 
9.10 
9.50 
9.85 
9.25 
9.45 
9.40 
9.75 
10.15 
10.00 


1917.  1918.  1919.  1920. 


$10.15 
10.50 
11.25 
11.75 
11.90 
12.15 
12.35 
12.70 
13.10 
11.70 
11.10 
11.40 


$12.10 
12.00 
12.60 
14.70 
15.40 
15.85 
16.05 
15.75 
16.00 
14.80 
15.05 
14.90 


$15.80 
15.95 
16.05 
15.85 
15.00 
13.55 
15.60 
16.45 
15.50 
16.15 
15.101 
14.35 


1921.    1922. 


Jan. 
Feb.     . 



Mar.     . 

Apr. 

May 
June    . 

July 
Aug.     . 



Sep.     . 

Oct. 

Nov.    .    . 

Dec.     .    . 

Totals      1           1 

1 
1 

148  Agricultural  Prices 

AVERAGE  PRICES  FOR  1,200  TO  1,500-POUND  STEERS  AT  CHICAGO. 


1903. 

1904. 

1905. 

1906. 

1907. 

1908. 

1909. 

1910. 

1911. 

1912. 

January  

$ 
4  90 

$ 
4.90 
4.75 
4.85 
4.80 
5.00 
5.95 
5.60 
5.20 
5.35 
5.60 
5.05 
4.75 

$ 
4.85 
5.05 
5.25 
5.95 
5.70 
5.50 
5.15 
5.25 
5.40 
5.05 
4.95 
5.00 

$ 
5.40 
5.40 
5.50 
5.35 
5.40 
5.35 
5.60 
5.75 
5.75 
5.90 
5.85 
5.80 

$ 
5.80 
5.60 
5.75 
5.85 
5.80 
6.40 
6.70 
6.55 
6.50 
6.30 
5.60 
5.30 

$ 
5.50 
5.50 
6.15 
6.65 
6.80 
7.05 
6.75 
6.40 
6.40 
5.90 
6.30 
6.40 

$ 
6.30 
6.10 
6.35 
6.20 
6.60 
6.65 
6.60 
6.75 
6.95 
7.00 
6.90 
6.85 

$ 
6.60 
6.85 
7.70 
7.85 
7.70 
7.60 
7.40 
7.15 
7.25 
7.00 
6.35 
6.15 

$ 
6.30 
6.30 
6.35 
6.30 
6.15 
6.25 
6.40 
7.00 
7.15 
7.35 
7.50 
7.35 

7.50 

February     

March 

4.75 
4  80 

7.40 
7.95 

April 

5  00 

8.20 

May 

4  85 

8.50 

June 

5  00 

8.70 

Julv 

5  00 

8.85 

August 

5  10 

9.60 

September 

October 

5.15 
4  90 

9.50 
9.35 

November 

December 

4.70 
4.80 

9.50 
9.10 

Yearly  aver.    .    .    . 

4.90 

5.10 

5.30 

5.60 

6.00 

6.30 

6.60 

7.15 

6.70 

8.40 

AVERAGE  PRICES  FOR  1,200  TO  1,500-POUND  STEERS  AT  CHICAGO. 

Continued. 


1913.11914, 


1915, 


1916, 


1917. 


1918, 


1919. 


1920, 


1921, 


1922. 


January  .   , 
February 
March  .    . 
April     .   . 
May  .    .   . 
June  .   .   . 
July    ... 
August  .   . 
September 
October    . 
November 
December 


Yearly  aver. 


8.10 
8.30 
8.45 
8.35 
8.30 
8.35 
8.50 
8.55 
8.60 
8.70 
8.50 
8.40 


$ 
8.45 
8.40 
8.50 
8.65 
8.60 
8.80 
8.95 
9.35 
9.60 
9.35 
8.95 
8.80 


.    8.351  8.85 


8.35 
7.90 
8.00 
8.05 
8.60 
9.00 
9.45 
9.25 
9.30 
9.05 
8.85 
8.75 


8.65 

8.70 

9.15 

9.55 

9.90 

10.35 

10.05 

10.40 

10.50 

10.05 

10.90 

11.05 


8.75 


10.70 
11.25 
11.85 
12.35 
12.50 
12.75 
13.00 
13.90 
14.50 
13.50 
12.50 
12.00 


12.75 
12.90 
13.20 
15.35 
16.50 
17.00 
17.20 
17.25 
17.65 
16.60 
16.80 
16.75 


16.80 
17.00 
17.20 
16.85 
16.00 
14.50 
15.90 
16.75 
15.80 
16.50 
15.40 
14.50 


9.90  12.55  15.50  16.20 


1 

Jan. 

Feb. 

Mar. 

1            1            1 
1           1            1 

Apr. 

May 

1            1            1 

June 

July 

Aug. 

Sep. 

Oct. 

Nov. 

Dec. 

Totals       1           1            1 

Appendix  149 

AVERAGE  PRICES  OF  FAT  COWS  AND  HEIFERS  AT  CHICAGO. 


1 
1903. 

1904. 

1905. 

1906. 

1907. 

1908. 

1909. 

1910. 

1911. 

1912. 

Jan.     .    .    . 

$  4.05 

$  3.65  $  3.35 

$  3.50 

?  3.80 

$  3.70 

$  4.10 

$  4.25|$  4.55 

$  4.25 

Feb. 

4.00 

3.70 

3.45 

3.70 

3.75 

3.80 

4.25 

4.55 

4.50 

4.25 

Mar. 

4.05 

3.70 

3.65 

3.85 

3.90 

4.15 

4.35 

5.30 

4.65 

5.00 

Apr. 

4.15 

3.85 

4.10 

3.85 

4.00 

4.70 

4.65 

5.90 

4.55 

5.75 

May- 

4.15 

4.00 

4.10 

3.90 

3.95 

4.90 

5.00 

5.55 

4.60 

6.20 

June 

4.15 

4.30 

3.70 

3.65 

4.20 

4.75 

4.60 

5.15 

4.30 

5.85 

July 

3.95 

4.20 

3.50 

3.45 

4.15 

4.15 

4.40 

4.65 

4.45 

5.55 

Aug. 

4.00 

3.80 

3.40 

3.50 

3.80 

3.90 

4.10 

4.20 

4.60 

5.70 

Sep. 

3.90 

3.35 

3.35 

3.55 

3.70 

3.75 

3.90 

4.00 

4.40 

5.40 

Oct. 

3.80 

3.10 

3.30 

3.65 

3.50 

3.65 

3.85 

3.95 

4.25 

5.15 

Nov. 

3.70 

2.90 

3.50 

3.75 

3.35 

3.50 

4.00 

3.85 

4.05 

5.10 

Dec. 

3.60 

2.75 

3.60 

3.70 

3.30 

3.70 

4.00 

3.90 

4.00 

5.05 

AVERAGE  PRICES  OF  FAT  COWS  AND  HEIFERS  AT  CHICAGO. 

Continued. 


1913. 

1914. 

1915. 

1916. 

1917. 

1918. 

1919. 

1920. 

1921. 

$  5.50 

$  6.10 

$  6.10 

$  5.85 

$  7.101$  8.90 

$10.00 

5.80 

6.35 

5.65 

6.00 

7.50 

9.00 

10.60 

6.15 

6.25 

5.55 

6.60 

8.40 

9.75 

11.30 

6.25 

6.45 

5.75 

6.90 

8.90 

10.30 

11.30 

6.35 

6.90 

6.40 

7.80 

9.10 

10.90 

11.25 

6.20 

6.65 

6.75 

7.65 

8.60 

10.70 

10.35 

6.00 

6.85 

6.55 

6.85 

8.10 

9.70 

10.10 

6.10 

6.90 

6.45 

6.75 

8.60 

10.00 

10.25 

6.25 

6.60 

6.30 

6.50 

8.40 

9.00 

9.40 

6.15 

6.30 

6.10 

6.25 

8.30 

8.90 

8.75 

5.90 

6.05 

5.65 

6.60 

8.20 

8.65 

8.40 

5.80 

5.90 

5.55 

6.85 

8.15 

9.25 

8.40 

1922. 


Jan. 

Feb. 

Mar. 

Apr. 

May 

June 

July 

Aug. 

Sep. 

Oct. 

Nov. 

Dec. 


Jan. 

Feb. 

Mar. 

Apr. 

May 

June 

July 

Aug. 

Sep. 

Oct. 

Nov. 

Dec. 

Totals 

150  Agricultural  Prices 

AVERAGE  PRICES  OF  CANNERS  AND  CUTTERS  AT  CHICAGO. 


1903. 

1904. 

1905. 

1906. 

1907. 

1908. 

1909. 

1910. 

1911. 

1912. 

Jan.     .   .    . 

$  2.25 

$  2.10 

$  1.70 

$  2.15 

$  2.10 

$  2.20 

$  2.50 

$  2.75 

$  2.85 

$  2.65 

Feb. 

2.25 

2.25 

1.90 

2.15 

2.15 

2.40 

2.65 

3.10 

3.10 

2.60 

Mar. 

2.35 

2.30 

2.05 

2.30 

2.35 

2.60 

2.70 

3.50 

3.00 

3.00 

Apr. 

2.45 

2.30 

2.25 

2.45 

2.45 

2.70 

2.85 

3.65 

3.15 

3.50 

May 

2.30 

2.15 

2.25 

2.40 

2.40 

2.80 

3.00 

3.50 

2.90 

3.75 

June 

2.35 

2.10 

2.00 

2.15 

2.25 

2.70 

2.85 

3.40 

2.95 

3.60 

July 

2.20 

2.00 

1.80 

1.85 

2.20 

2.50 

2.75 

3.10 

2.80 

3.50 

Aug. 

2.15 

1.75 

1.70 

1.75 

2.05 

2.50 

2.65 

2.80 

2.75 

3.60 

Sep. 

2.05 

1.60 

1.90 

1.70 

2.00 

2.40 

2.65 

2.85 

2.80 

3.60 

Oct. 

2.00 

1.55 

1.90 

1.80 

1.95 

2.35 

2.65 

2.80 

2.65 

3.50 

Nov. 

1.80 

1.50 

1.85 

2.05 

1.85 

2.30 

2.70 

2.85 

2.55 

3.60 

Dec. 

1.80 

1.40 

1.90 

1.90 

1.90 

2.35 

2.75 

2.85 

2.50 

3.60 

AVERAGE  PRICES  OF  CANNERS  AND  CUTTERS  AT  CHICAGO. 

Continued. 


1913. 

1914. 

1915. 

1916. 

1917. 

1918. 

1919. 

1920. 

1921. 

1922. 

Jan.     .    .    . 

$  3.90!$  4.25 

$  4.25 

$  4.00 

$  5.45 

$  6.95 

$  7.25 

I 

Feb.     . 

4.10 

4.50 

4.10 

4.25 

5.60 

7.15 

6.60 

Mar.    . 

4.35 

4.50 

3.85 

4.80 

6.35 

7.35 

6.50 

Apr.     . 

4.40 

4.60 

4.00 

4.95 

7.10 

7.70 

6.40 

May     . 

4.40 

4.75 

4.40 

5.40 

7.25 

7.80 

7.00 

June    . 

4.30 

4.60 

4.75 

5.35 

6.80 

7.60 

7.05 

July    . 

4.15 

4.50 

4.75 

5.20 

6.10 

7.25 

6.85 

Aug.    . 

4.20 

4.85 

4.60 

5.05 

6.40 

7.00 

6.75 

Sep.     . 

4.35 

4.65 

4.40 

4.75 

6.20 

6.70 

5.90 

Oct.     . 

4.25 

4.40 

4.25 

4.45 

6.00 

6.60 

5.85 

Nov.    . 

4.10 

4.55 

4.10 

4.70 

5.90 

5.75 

5.80 

Dec.     . 

— ^ 

— ^ 

4.05      4.40 

3.95 

5.15 

6.05 

6.75 

5.60 

Jan.     .    .    . 

1       1 



Feb. 

1 

Mar. 

Apr. 

May 

June 

July 

1 

Aug. 

Sep. 

Oct. 

Nov. 

1 

Dec. 

Totals 

Appendix  151 

AVERAGE   PRICES  OF  NATIVE  CALVES   AT  CHICAGO. 


1 
1903.    1904. 

1905. 

1906. 

1907. 

1908. 

1909. 

1910. 

1911.    1912. 

1 

Jan.     .    . 

.  $  7.10$  5.85 

$  6.15 

$  7.00 

$  7.00$  6.75;$  7.60| 

$  8.60$  8.75'$  8.75 

Feb.     .    . 

.       7.15      6.35 

6.50 

6.40 

6.50 

6.60 

6.85 

8.65      8.40 

7.50 

Mar.    .    . 

.       6.50      5.65 

5.70 

6.25 

6.60 

6.20 

7.00 

9.00      7.40 

8.00 

Apr.     .    . 

.       5.75      4.60 

5.10 

5.60 

6.00 

5.50 

6.30 

7.85 

6.60 

7.40 

May     .    . 

.       5.60      4.60      5.251 

5.65 

6.35 

5.60 

5.60 

7.35 

7.25 

7.75 

June    .    . 

.       6.20 

4.90 

5.85 

5.80 

6.15 

5.80 

6.50 

7.85 

7.60 

8.00 

July     .    . 

.       5.65 

5.75 

5.75 

5.60 

6.401     6.00 

7.00 

7.60 

7.40 

8.75 

Aug.    .    . 

.       6.40 

5.60 

5.90 

6.00 

6.35 

6.75 

7.50 

7.75      8.00 

9.75 

Sep.     .    . 

.       6.65 

5.90 

6.00 

6.75 

6.50 

7.60 

7.60 

8.50      8.75 

11.25 

Oct.     .    . 

.       6.40 

6.10 

6.00 

6.50 

6.00 

7.25 

8.10 

8.65      8.60 

10.00 

Nov.    .    . 

.       5.75 

6.00 

6.00 

6.25 

6.25 

6.50 

8.75 

8.75      8.35 

9.85 

Dec.     .    . 

.       4.95 

6.00 

6.00 

7.00      6.00| 

7.40 

8.25 

8.50      7.85 

10.25 

AVERAGE  PRICES   OF  NATIVE  CALVES  AT 

CHICAGO— Continued. 

1913. 

1914. 

1915. 

1916. 

1917. 

1918. 

1919. 

1920.    1921. 

1922. 

Jan.     .    . 

.  $  9.75 

$11.00 

$  9.85 

$10.15 

$13.401$15.35l$15.50 

Feb.     .    . 

.       9.85 

10.75    10.35 

10.65 

12.65    14.15 

15.75 

Mar.    .    . 

.     10.50 

9.00 

10.00 

9.65 

13.40 

15.25 

16.50 

Apr.     .    . 

.       8.50 

8.85 

8.40 

8.75 

12.50 

14.50 

15.35 

May     .    . 

.       9.25 

9.50 

9.15 

10.40 

13.25 

13.50 

14.50 

June    .    . 

.       9.75 

9.40 

9.60 

11.25 

13.40 

15.55 

18.75 

July     .    . 

.     10.40 

10.60 

10.25 

11.40 

13.00 

16.70 

18.00 

Aug.    .    . 

.     11.50 

11.00 

11.50 

12.00 

15.15 

17.25 

19.85 

Sep.     .    . 

.     11.25 

11.40 

11.25 

12.40 

15.00 

18.60 

20.50 

Oct.     .    . 

.     10.50 

10.65 

10.85 

11.50 

14.85 

17.10 

18.10 

Nov.    .    . 

.     10.35 

10.35 

10.15 

11.85 

13.50 

16.80 

17.40 

Dec.     .    . 

.     10.75 

8.65|     9.65 

11.75 

15.25 

16.50 

16.50 

Jan.     .    . 

1 

Feb.     .    . 

Mar.     .    . 

Apr.     .    . 

May     .    . 

June    .    . 

July     .    . 

Aug.     .    . 

Sep.     .    . 

Oct.     .    . 

Nov.     .    . 

Dec.     .    . 

Totals 

152  Agricultural  Prices 

CHICAGO  AVERAGE  PRICES  OF  GRASS-FED  WESTERN  CATTLE. 


1903.  1904. 

1905. 

1906. 

1907. 

1908. 

1909. 

1910. 

1911. 

1912. 

July 

3.90 

$ 
4.20 

$ 
4.40 

$ 

5.10 
4.70 
4.35 
4.25 
4.20 

$ 
4.90 
4.80 
4.70 
4.70 
5.05 
4.90 

$ 
5.15 
5.50 
5.15 
5.20 
5.35 
5.20 

5.60 
5.50 
5.45 
5.35 
5.25 
4.95 

$ 
5.65 
5.60 
1.50 
5.70 
5.85 
5.75 

7.55 

August 

September 

October 

3.85  3.80 
3.70  3.85 
3.55    3.50 

4.05 
3.90 
3.70 
3.55 
3.75 

4.40 
4.30 
4.45 
4.50 
4.40 

7.60 
5.70 
7.50 

November 

December 

3.40  3.50 
3.50    3.80 

7.35 
7.10 

CHICAGO  AVERAGE  PRICES  OF  GRASS-FED  WESTERN  CATTLE. 

Continued. 


1913.1914.1915. 


1916. 


1917. 


1918, 


1919. 


1920. 


1921. 


1922. 


July 7.10  7.85 

August 7.40  8.10 

September 7.55  7.70 

October |  7.35  7.50 

November 7.40  7.35 

'December 7.25  7.25 


8.00 
7.90 
7.80 
7.65 
7.60 
7.25 


7.85 
8.15 
8.25 
8.15 
8.80 
9.40 


9.00 
10.00 
11.40 
10.60 
10.25 
10.00 


14.60 
14.90 
14.65 
14.35 
14.25 
14.00 


12.40 
12.25 
11.25 
11.25 
10.25 
10.00 


- 

Jan. 

1            1 

Feb. 

1            1 

Mar. 

1            1 

Apr. 

1            J  . 

May 

!         1 

June 

1         1 

July 

1         1 

Aug. 

1         1 

Sep. 

1         1 

Oct. 

!          1 

Nov. 

1          1 

___ 

Dec. 

1          1 

Totals       1           1 

1 

Appendix  153 

AVERAGE   PRICES  OF   FEEDERS  AND  STOCKERS  AT  CHICAGO. 


1903. 

1904. 

1905. 

1906. 

1907. 

1908. 

1909. 

1910. 

1911. 

1912. 

Jan.     .    .    . 

$  3.60 

$  3.40 

$  3.65 

$  3.80 

$  4.10 

$  3.851$  4.55 

$  4.65 

$  5.15 

$  4.90 

Feb. 

3.75 

3.45 

3.70 

3.90 

4.25 

4.20 

4.70 

4.85 

5.10 

5.20 

Mar. 

4.20 

3.70 

3.90 

t.OO 

4.45 

4.35 

4.60 

5.50 

5.25 

5.60 

Apr. 

4.35 

3.80 

3.95 

4.00 

4.60 

4.80 

4.80 

5.60 

5.10 

6.15 

May 

4.10 

4.00 

4.20 

4.15 

4.55 

4.60 

4.85 

5.50 

4.95 

6.25 

June 

4.00 

3.95 

4.00 

3.90 

4.50 

4.40 

4.75 

4.85 

4.50 

5.85 

July 

3.70 

3.50 

3.40 

3.65 

4.20 

4.15 

4.50 

4.45 

4.35 

5.40 

Aug. 

3.45 

3.35 

3.30 

3.75 

4.00 

4.10 

4.30 

4.50 

4.45 

5.70 

Sep. 

3.25 

3.30 

3.45 

3.90 

4.05 

3.90 

4.35 

4.50 

4.55 

5.65 

Oct. 

3.20 

3.25 

3.35 

3.75 

3.85 

3.95 

4.30 

4.70 

4.40 

5.60 

Nov. 

3.10 

3.15 

3.25 

3.70 

3.80 

4.00 

4.25 

4.60 

4.50 

5.85 

Dec. 

3.05 

2.90 

3.35 

3.80 

3.75 

4.20 

4.40 

4.70 

4.60 

5.50 

AVERAGE  PRICES  OF  FEEDERS  AND  STOCKERS  AT  CHICAGO. 

Continued. 


1913. 

1914. 

1915. 

1916. 

1917. 

1918.    1919. 

1920. 

1921. 

1922. 

Jan.     .    .    . 

$  6.15 

$  7.10 

*$6.85 

*$7.00 

$  7.50$  8.80 

$10.85 

Feb. 

7.10 

7.25 

*  7.00 

6.90 

7.75 

9.00 

11.50 

Mar. 

7.45 

7.30 

*  6.95 

7.65 

8.60 

10.25 

12.00 

Apr. 

7.50 

7.55 

*  8.05 

7.80 

8.75 

10.50 

12.65 

May 

7.40 

7.80 

*  7.95 

8.15 

8.90 

10.75 

12.40 

June 

7.15 

7.35 

*  7.75 

7.90 

8.50 

10.90 

11.15 

July 

7.25 

7.20 

*  7.70 

7.00 

7.90 

10.25 

10.15 

Aug. 

7.30 

7.30 

*  7.55 

6.90 

8.35 

10.85    10.75 

Sep. 

7.35 

7.15 

♦  7.40 

6.70 

8.50 

10.90      9.90 

Oct. 

6.95 

6.80 

*  6.90 

6.60 

8.40    10.25    10.15 

Nov. 

6.75 

6.70 

*  6.75 

6.65 

8.75    10.00      9.75 

Dec. 

6.65 

6.70 

*  6.55 

6.95 

8.50    10.25|     9.10 



♦Interpolated  from  Kansas  City  market,  on  account  of  foot-and-mouth 
disease  closing  Chicago  market. 


1 

Jan. 

Feb, 

Mar. 

Apr. 

May 

June 

July 

Aug. 

Sep. 

Oct. 

Nov. 

• 

Dec. 

Totals      1           1 

154  Agiiiculturat>  Prices 

AVERAGE   PRICES   OF  YEARLING   SHEEP   AT  CHICAGO. 


1 1903. 

1 

1904. 

1905. 

1906. 

1907.    1908. 

1909. 

1910. 

1911. 

1912. 

Jan.     .    .    .'$  5.05i 

$  5.10 

$  6.35 

?  6.20 

%  6.05  $  5.601$  6.10| 

$  6.75$  5.15| 

$  5.50 

Feb.     .    . 

.      5.60 

4.95 

6.60 

6.00 

6.10 

5.70 

6.00 

7.70 

5.25 

5.25 

Mar.    .    . 

.      6.40 

4.95 

6.35 

5.75 

6.40 

6.50 

6.30 

8.40 

5.15 

6.00 

Apr.     .    . 

.      6.05 

5.25 

6.00 

6.05 

6.60 

6.25 

6.65 

8.00 

4.75 

6.70 

May     .    . 

.      6.10 

5.45 

5.50 

6.15 

6.45 

5.90 

7.00 

7.25 

5.05 

6.75 

June    .    . 

.      5.35 

5.40 

5.40 

6.40 

6.65 

5.25 

6.40 

6.20 

4.55 

5.35 

July     .    . 

.       4.20 

4.80 

5.85 

6.25 

6.20 

4.85 

5.30 

5.30 

4.75 

5.30 

Aug.    .    . 

.       3.95 

4.25 

5.50 

5.80 

6.00 

4.50 

5.25 

5.45 

4.65 

5.00 

Sep.     .    . 

.      3.85 

4.05 

5.40 

5.75 

5.80 

4.35 

5.25 

5.40 

4.25 

5.25 

Oct.     .    . 

.       4.00 

4.25 

5.60 

5.75 

5.60 

4.70 

5.30 

5.00 

4.25 

5.00 

Nov.    .    . 

.       4.00 

4.90 

5.75 

6.05 

5.00 

4.80 

6.00 

4.90 

4.30 

5.20 

Dec.     .    . 

.       4.10 

5.40 

6.20 

6.00 

4.80 

5.10 

6.60 

5.10 

4.50 

6.25 

AVERAGE  PRIG 

ES  OF 

'  YEARLING  SHEEP  AT  CHICAGO— Continued. 

1913. 

1914. 

1915.    1916.    1917. 

1918. 

1919. 

1920. 

1921. 

1922. 

Jan.     .    . 

.  $  7.10 

$  6.15 

$  7.25|$  9.20$12.50!$14.15 

$13.50 

Feb.     .    . 

.       7.25 

6.50 

7.65      9.50 

13.00 

14.65 

15.00 

Mar.    .    . 

.       7.50 

6.50 

8.40      9.75 

13.50 

15.25 

17.05 

Apr.     .    . 

.       7.35 

6.60 

8.85 

9.50 

12.75 

16.00 

15.95 

May     .    . 

.       6.60 

6.50 

8.25 

10.25 

14.00 

15.00 

13.15 

June    .    . 

.       6.00 

6.50 

7.00 

8.50 

11.75 

13.75 

10.95 

July    .    . 

.       6.10 

6.70 

7.00 

8.60 

12.00 

15.15 

11.80 

Aug.    .    . 

.      5.50 

6.50 

6.75 

8.20 

12.00 

14.90 

11.75 

Sep.     .    . 

.       5.25 

6.30 

6.75 

8.65 

13.40 

13.50 

10.70 

Oct.     .    . 

.       5.35 

6.25 

6.85 

8.50 

13.50 

11.75 

10.80 

Nov.     .    . 

.      5.75 

7.00 

7.05 

9.65 

13.75 

11.35 

10.90 

Dec.     .    . 

.       6.25 

6.90 

7.70 

10.90 

13.75 

11.75 

1  14.00 

Jan.     .    . 

1 

Feb.     .    . 

1 

Mar.    .    . 

i 

Apr.     .    . 

1 

May     .    . 

1 

June    .    . 

1 

July     .    . 

1 

Aug.     .    . 

1 

Sep.     .    . 

1 

Oct.     .    . 

i 

Nov.     .    . 

1 

Dec.     .    . 

1 

Totals 

1 

Appendix 
CHICAGO  AVERAGE  PRICES  OF  NATIVE  LAMBS. 


155 


1903. 1904. 

1905. 

1906. 

1907. 

1908. 

1909. 

1910. 

1911. 

1912. 

January  

5  40 

5  40 

$ 
7.10 
7.30 
7.00 
6.20 
6.00 
5.75 
6.00 
7.10 
7.00 
7.25 
7.00 
7.25 

7.25 
6.80 
6.40 
6.20 
6.40 
6.70 
6.60 
7.00 
7.00 
6.90 
7.00 
7.15 

$ 
7.25 
7.20 
7.45 
7.95 
7.80 
7.10 
7.05 
6.90 
6.90 
6.80 
6.00 
5.65 

$ 
6.70 
6.60 
7.10 
7.10 
6.40 
5.40 
6.00 
5.95 
5.25 
5.40 
5.75 
6.60 

$ 
7.25 
7.40 
7.50 
7.75 
7.80 
7.30 
7.40 
7.25 
6.70 
6.40 
7.15 
7.60 

$ 
8.20 
8.50 
9.30 
9.00 
8.15 
7.35 
6.80 
6.40 
6.40 
6.55 
6.15 
6.00 

% 
6.00 
5.80 
5.75 
5.20 
5.60 
5.75 
5.90 
6.00 
5.40 
5.50 
5.35 
5.60 

6.35 

Febniary 

March 

6.00 
6.45 

5.25 
5.15 
5.30 
5.60 
5.55 
5.90 
5.40 
5.10 
5.05 
5.55 
6.20 

6.00 
7.00 

April 

5  85 

7.50 

May 

5.95 

7.85 

June 

5.75 

6.60 

July 

5.35 

7.15 

August 

September 

October 

November 

December 

4.85 
4.80 
4.80 
4.80 
5.00 

6.75 
6.75 
6.50 
6.90 
7.50 

CHICAGO  AVERAGE  PRICES  OF  NATIVE  LAMBS— Continued. 


1913.1914. 


1921. 1922. 


January 8.35 

February 8.25 


March  .  . 
April  .  . 
May  ... 
June  .  .  . 
July  .  .  . 
August  .  . 
September 
October  . 
November 
December 


8.35 
8.10 
7.00 
6.50 
7.40 
7.25 
7.05 
6.95 
7.10 
7.40 


7.75 
7.40 
7.40 
7.10 
7.50 
7.75 


8.25 

8.50 

7.901  8.80 

7.50 

8.50 

7.60 

8.65 

8.70 

8.75 

8.15 

8.90 

Jan. 

Feb. 

Mar. 

Apr. 

1 

May 

June 

July 

Aug. 

Sep. 

Oct. 

Nov. 

Dec. 

Totals       1 

156  Agricultural  Prices 

CHICAGO  AVERAGE  PRICES  OF  NATIVE  SHEEP. 


January  

1903. 

$ 
4  00 

1904. 

$ 
3.85 
3-85 
4.30 
4.70 
4.90 
4.30 
3.80 
3.60 
3.50 
3.60 
4.05 
4.50 

1905. 

$ 
5.10 
5.50 
5.50 
4.95 
4.60 
4.70 
5.10 
5.00 
4.75 
5.20 
5.20 
5.25 

1906. 

$ 
5.35 
5.00 
5.20 
5.35 
5.45 
5.30 
5.15 
4.90 
5.10 
4.80 
5.00 
5.00 

1907. 

$ 
5.10 
5.15 
5.35 
5.45 
5.70 
5.80 
5.25 
5.25 
5.15 
4.75 
4.40 
4.10 

1908. 

$ 
4.75 
4.90 
5.75 
5.65 
5.40 
4.80 
4.10 
3.90 
3.65 
4.05 
4.20 
4.30 

1909. 

$ 
4.85 
4.85 
5.30 
5.50 
5.90 
5.25 
4.65 
4.40 
4.55 
4.40 
4.50 
4.90 

1910. 

$ 
5.50 
6.10 
7.15 
7.10 
6.40 
5.00 
3.95 
4.00 
4.20 
4.00 
3.75 
3.85 

1911. 

$ 
3.95 
4.10 
4.65 
4.05 
4.35 
3.65 
3.75 
3.30 
3.75 
3.55 
3.25 
3.40 

1912. 

$ 
4.15 

February     

March 

4.55 
5:^5 

4.10 
5.20 

April 

4  SO 

5.75 

May 

4fi0 

6.00 

June 

3  95 

4.35 

July 

3.40 

4.00 

August 

September 

October 

3.15 
3.10 
310 

3.85 
3.90 
3,75 

November 

December 

3.05 
3.15 

3.85 
4.35 

CHICAGO  AVERAGE  PRICES  OF  NATIVE  SHEEP— Continued. 


1913.11914.1915. 


1916. 


1917. 


1918. 


1919. 


1920. 


1921. 


1922. 


January  . 
February 
March  .  . 
April  .  . 
May 


5.251 

5.751 
6.251 
6.35 

5.75 


June I  4.85 

July I  4.35 

August 4.25 

September 4.15 

October 4.40 

November |  4.50 

December I  4.80 


5.10 

5.55 
5.80 
6.00 
5.50 
5.00 
5.20 
5.25 
5.15 
5.20 
5.50 
5.35 


5.65 
6.35 
7.30 
7.60 
7.15 
5.40 
5.90 
6.10 
5.60 
5.85 
5.70 
6.10 


7.10 
7.60 
8.35 
8.25 
8.15 
7.25 
7.15 
7.15 
7.50 
7.40 
7.80 
8.90 


9.75 

11.10 

11.35 

11.85 

13.25 

9.90 

8.75 

9.75 

11.15 

11.50 

11.15 

11.55 


12.10 
12.30 
13.65 
15.00 
13.90 
13.25 
12.00 
12.65 
11.75 
10.00 
9.40 
9.15 


10.25 

11.20 

13.90 

14.30 

11.90 

9.15 

9.30 

9.20 

7.75 

7.60 

8.10 

9.40 


1 

Jan. 

Feb. 

1 

Mar. 

Apr. 

May 

1 

June 

July 

Aug. 

Sep. 

1 

Oct. 

1 

Nov. 

Dec. 

1 

Totals       1 

! 

Appendix 
CHICAGO   AVERAGE   PRICES   OF  WESTERN    LAMBS. 


15T 


1903.1904. 


I     ? 
January 5.60 

February 6.20 

March 6.70 

April 6.40 

May 6.35 

June I  5.30 

July {  5.20 

August I  4.90 


September 
October  . 
November 
December 


4.85 
4.75 
4.50 
4.65 


$ 

5.70 
5.55 
5.45 
5.90 
5.85 
5.65 
6.40 
5.45 
5.15 
5.20 
5.45 
6.20 


1905 


5.25 
7.50 
7.10 
6.95 
6.40 
6.00 
6.35 
7.05 
7.00 
7.00 
6.85 
7.25 


1906 


7.30 
6.75 
6.35 
6.35 
6.60 
6.80 
6.85 
7.20 
7.20 
7.05 
6.90 
7.10 


1907, 


7.30 
7.30 
7.60 
8.05 
7.80 
7.20 
7.05 
6.90 
6.90 
6.80 
6.05 
5.70 


1908.  1909. 


6.80 
6.75 
7.40 
7.35 
6.85 
5.80 
6.40 
6.20 
5.40 
5.65 
5.90 
6.75 


$ 

7.40 
7.55 
7.70 
8.10 
8.40 
7.75 
7.80 
7.40 
6.85 
6.55 
6.90 
7.50 


1910. 


$ 

8.40 
8.75 
9.50 
9.15 
8.50 
7.65 
7.15 
6.80 
6.85 
6.70 
6.30 
6.20 


1911.1912. 


$ 

6.25 
6.10 
6.15 
5.60 
5.95 
6.30 
6.40 
6.50 
5.80 
5.80 
5.50 
5.85 


6.55 
6.25 
7.50 
8.10 
8.60 
7.20 
7.45 
7.25 
7.15 
6.90 
7.25 
7.90 


CHICAGO  AVERAGE  PRICES  OP  WESTERN  LAMBS— Continued. 


January  . 
February 
March  .  . 
April  .  . 
May  .  .  . 
June  .  .  . 
July  .  .  . 
August  .  . 
September 
October  . 
November 
December 


1913 


8.70 
8.65 
8.70 
8.50 
7.65 
7.00 
7.70 
7.60 
7.30 
7.15 
7.40 
7.70 


1914. 


8.00 
7.70 
7.85 
7.90 
8.50 
8.10 
8.65 
8.25 
7.90 
7.65 
8.80 
8.40 


1915, 


1916.1917.1918. 


0010 
90110. 
80|lO 
90111 
1512, 


14.00 
14.00 
14.35 
14.50 
17.25 
15.50 
15.60 
15.85 
17.65 
17.50 
16.851 
16.55 


1919. 


17.35116.55 
16.75|l7.80 
17.9019.40 
19.60J18.20 
18.35  16.40 
17.00|14.40 


18.60 
17.85 
17.40 
15.50 


17.15 
16.90 
14.90 
15.15 


15.20114.75 
14.7516.70 


1920 


1921. 1922. 




Jan.     . 

Feb.     . 

Mar.    . 

Apr.     . 

1 

May 

June    . 

July 

■ 

Aug.    . 

Sep.     . 

Oct.     , 

Nov.    .    . 

Dec.     .    . 

Totals       1           1 

158  Agricultural  Prices 

CHICAGO  AVERAGE  PRICES  OF  WESTERN  SHEEP. 


1903. 

1904. 

1905. 

1906. 

1907. 

1908.  1909. 

1910. 

1911. 

1912. 

January  

4?5 

$ 
4.05 
4.25 
4.70 
5.25 
5.30 
4.60 
3.90 
3.70 
3.50 
3.70 
4.10 
4.65 

$ 
5.20 
5.60 
5.50 
5.20 
4.90 

$ 
5.45 
5.25 
5.35 
5.35 
5,65 

$ 
5.20 
5.25 
5.65 
5.85 
5.85 
6.00 
5.40 

$ 
4.90 
5.10 
5.90 
5.70 
5.10 
4.60 
410 

$ 
4.95 
5.00 
5.25 
5.70 
6.20 
5.30 
4.70 
4.60 
4.75 
4.30 
4.55 
4.95 

$ 
5.65 
6.75 
7.65 
7.65 
6.70 
5.15 
4.30 
4.25 
4.25 
3.90 
3.70 
4.00 

$ 
4.10 
4.25 
4.75 
4.25 
4.50 
4.00 
4.05 
3.60 
3.90 
3.70 
3.50 
3.60 

$ 

4,40 

February     

March          

4.75 
5  55 

4.25 
5,40 

April 

5  30 

6.00 

Mav 

5  05 

6.20 

June       

4.45 
3  55 

4.75    5.60 
5.10    5.35 
4.90    5.05 
4.70    5.20 
5.00    5.00 

4  70 

July 

4,50 

August      

3.30 

5.40    4.10 
5.20    3.80 
4.90    4.10 

4  20 

September 

October 

3.25 
3^5 

4.30 
410 

November 

December 

3.05 
3.25 

5.00 
5.25 

5.10 
5.15 

4.35 
4.25 

4.10 
4.35 

4.15 
4.55 

CHICAGO  AVERAGE  PRICES   OF   WESTERN   SHEEP— Continued. 


1913.1914.1915. 


1916. 


1917.1918. 


1919, 


1920, 


1921. 


1922. 


January  .   , 
February 
March  .    . 
April     .    . 
May  .    .    . 
June  .   .   . 
July    .   .   . 
August  .    . 
September 
October    . 
November 
December 


5.45 
6.00 
6.50 
6.60 
6.00 
5.15 
4.65 
4.45 
4.35 
4.60 
4.65 
5.10 


5.60 

5.80 
6.10 
6.351 

5.75 
5.50 
5.70 
5.75 
5.40 
5.40 
5.75 
5.60 


6.00 
6.55 
7.55 
7.90 
7.55 
5.65 
6.20 
6.30 
5.90 
6.20 
5.95 
6.35 


7.40  10, 

7.80  11, 

8.15111 

8.15 

8.25 

7.40 

7.50| 

7.601 


60112 
50  13 


8.00111.50 
90 
40 
40 


7.60 
8.10 
9.10 


2510.45 
45111.50 
50114.15 
85114.70 
9012.60 
60|  9.45 
90|10.10 
25  10.25 
85  8.85 
55  8.70 
90  8.60 
60    9.80 


Jan. 

1 

1 

Feb. 

1 

Mar. 

1 

Apr. 

1 

May 

! 

June 

1 

July 

1 

Aug. 

t 

Sep. 

1 

Oct. 

1 

Nov. 

1 

Dec. 

1 

Tota 

Is      1 

Appendix 
AVERAGE  PRICES  OF  SHORT-RIB  SIDES  AT  CHICAGO. 


159 


1903. 

1904. 

1905. 

1906. 

1907. 

1908.    1909. 

1 

1910. 

1911.  1  1912. 

Jan.     .    .    . 

$  8.78 

$  6.44i$  6.44 

$  7.33 

?  9.00 

?  6.14|$  8.37  111.11 

$10.31,$  8.06 

Feb. 

9.35 

7.13 

6.63 

7.75 

9.31 

6.06 

8.56    12.12 

9.69;     8.06 

Mar. 

9.70 

6.94 

6.78 

8.35 

8.69 

6.56 

8.81    13.16 

8.75 

8.69 

Apr. 

9.63 

6.44 

6.94 

8.63 

8.48 

6.751     9.30|   12.62 

8.00 

9.63 

May 

9.30 

6.38 

7.06 

8.88 

8.75 

7.00 

10.061   12.06 

7.69 

10.06 

June 

8.98 

7.06 

7.56 

9.23 

8.50 

7.62 

10.80!   13.00 

7.94 

10.19 

July 

8.20 

7.37 

7.80 

9.30 

8.56 

8.56 

11.19 

12.37 

8.12 

10.25 

Aug. 

7.50 

7.41 

8.50 

8.90 

8.61 

8.75 

11.30 

11.81 

8.56 

10.62 

Sep. 

8.25 

7.56 

8.58 

8.83 

8.30 

9.50 

11.80 

11.50 

8.63 

10.62 

Oct. 

8.13 

7.56 

8.00 

8.63 

8.06 

9.06 

11.10    10.88 

8.31 

10.63 

Nov. 

7.00 

6.88 

7.15 

8.38 

7.95 

8.62 

11.31      9.94 

8.19 

10.62 

Dec. 

G.31 

6.44 

7.04 

8.43 

7.00 

8.19    12.29[     9.88 

8.19 

9.88 

AVERAGE  PRICES  OF  SHORT-RIB  SIDES  AT  CHICAGO— Continued. 


Jan. 

Feb. 

Mar. 

Apr. 

May 

June 

July 

Aug. 

Sep. 

Oct. 

Nov. 

Dec. 


1913. 


1914. 


$  9.75 
10.25 
10.81 
11.25 
11.94 
11.88 
11.81 
11.25 
11.38 
10.94 
10.81 
10.94 


$10.94 
11.13 
11.06 
10.81 
11.06 
11.44 
11.94 
12.13 
11.88 
10.69 
10.13! 
9.811 


1915.    1916.    1917 


^  9.75 

9.50 

9.25 

9.63 

10.12 

10.00 

9.62 

8.62 

8.38 

9.75 

10.00 

9.88 


$10.31 
10.69 
11.56 
12.25 
12.56 
12.94 
13.56 
13.93 
14.50 
14.18 
14.31 
13.50 


1918.    1919. 


$14.44 
15.94 
17.50 
19.38 
20.50 
20.50 
21.55 
22.86 
25.19 
27.00 
26.88 
25.50 


$23.60 
24.68 
24.43 
23.21 
22.25 
22.60 
23.95 
24.44 
23.93 
21.98 
24.75 
25.87 


$23.37 
23.25 
25.62 
27.69 
29.10 
28.50 
28.69 
24.75 
20.75 
18.62 
19.50 
18.87 


1920. 


1921. 


1922. 


Jan. 

Feb. 

Mar. 

Apr. 

May 

June 

July 

Aug. 

Sep. 

Oct. 

Nov. 

Dec. 

Totals 

160  Agricultural  Prices 

AVERAGE  PRICES  OF  LARD  AT  CHICAGO. 


1903. 

1904. 

1 
1905. 

1906. 

1907. 

1908. 

1909. 

1910. 

1911. 

1912. 

Jan.     .   . 

.  $  9.95 

$  6.92 

$  6.73 

$  7.47 

$  9.40 

$  7.76 

$  9.58 

$12.25 

$10.25 

$  9.25 

Feb.     .    . 

.      9.53 

7.49 

6.76 

7,63 

9.72 

7.22 

9.50 

12.59 

9.44 

8.90 

Mar.    .    . 

.      9.95 

7.06 

6.94 

8.04 

9.02 

7.93 

9.98 

14.00 

8.70 

9.35 

Apr.     .    . 

.      9.60 

6.70 

7.13 

8.55 

8.73 

8.14 

10.19 

13.00 

7.84 

10.36 

May    .    . 

.      8.99 

6.38 

7.14 

8.56 

9.00 

8.38 

10.61 

12.78 

8.06 

10.64 

June    .    . 

.      8.49 

6.69 

7.25 

8.67 

8.79 

8.83 

11.51 

12.16 

8.15 

10.77 

July     .    . 

.       7.92 

7.01 

7.12 

8.86 

8.95 

9.34 

11.36 

11.91 

8.36 

10.56 

Aug.    .    . 

.      8.06      6.81 

7.68 

8.70 

8.95 

9.34 

11.71 

11.81 

8.96 

10.80 

Sep.     .    . 

.       9.35 

7.25 

7.57 

8.76 

8.96 

9.94 

12.26 

12.40 

9.27 

11.02 

Oct.     .    . 

.       7.16 

7.42 

7.14 

9.31 

8.89 

9.78 

12.33 

12.83 

8.91 

11.34 

Nov.    .    . 

.       6.73 

7.04 

7.14 

9.44 

8.06 

9.35 

13.03 

10.79 

9.10 

11.05 

Dec.     .    . 

.      6.59 

6.86 

7.49 

8.98 

7.95 

8.31 

13.03 

10.35 

8.99 

10.39 

AVERAGE  PRICES  OF  LARD  AT  CHICAGO— Continued. 

1913. 

1914. 

1915. 

1916. 

1917. 

1918. 

1919. 

1920. 

1921. 

1922. 

Jan.     .    . 

.  $  9.89 

$10.90 

$10.73 

$10.40 

$15.75 

$24.45 

$23.12 

Feb.     .    . 

.     10.42 

10.56 

10.46 

9.95 

17.09 

26.02 

24.15 

Mar.    .    . 

.     10.63 

10.50 

9.96 

10.86 

19.38 

25.91 

27.05 

Apr.     .    . 

.    10.96 

10.16 

9.91 

11.99 

21.13 

25.23 

30.78 

May     .    . 

.    11.06 

9.85 

9.86 

12.83 

21.92 

24.66 

31.51 

June    .   . 

.     11.04 

9.91 

9.43 

12.71 

21.19 

24.62 

34.68 

July     .    . 

.    11.51 

9.94 

8.46 

12.95 

20.68 

26.17 

33.99 

Aug.    .    . 

.     11.24 

9.43 

7.87 

13.40 

22.27 

26.65 

30.42] 

Sep.     .    . 

.     11.15 

9.65 

8.10 

14.46 

24.23 

26.89 

26.03 

Oct.     .    . 

.    10.64 

10.09 

8.93 

15.74 

23.98 

26.07 

28.16 

Nov.    .    . 

.     10.72 

10.83 

8.99 

16.98 

26.64 

26.78 

25.43 

Dec.     .    . 

.    10.64 

9.99 

9.53 

16.00 

24.70 

25.07 

23.06 





Jan. 

- 





Feb.     . 

Mar.     . 

Apr.     . 

May 

June    . 

July     . 

Aug.     . 

Sep.     . 

Oct.     . 

Nov.    . 

Dec.     . 

Totals      1 

Appendix  161 

AVERAGE   PRICES  OF   ELGIN   AND  CHICAGO   BUTTER   EXTRAS. 


1903. 

1904. 

1905. 

1906. 

1907. 

1908. 

1909. 

1910. 

1911. 

1912. 

Jan.     .   .    . 

$  .273  $  .230  $  .293 

$  .270 

$  .306 

$  .305 

$  .310!$  .340  $  .270  $  .370 

Feb.     .    .    . 

.258 

.251 

.325 

.278 

.328 

.326 

.300 

.300 

.260 

.300 

Mar.    .    .    . 

.281 

.245 

.273 

.270 

.308 

.295 

.290 

.320 

.250 

.300 

Apr.     .    .    . 

.259 

.238 

.291 

.220 

.300 

.286 

.280 

.310 

.210 

.310 

May     ,    .    . 

.208 

.197 

.227 

.198 

.238 

.238 

.250 

.280 

.220 

.280 

June    .    .    . 

.211 

.175 

.200 

.199 

.231 

.230 

.260 

.270 

.220 

.250 

July     .    .    . 

.196 

.171 

.200 

.203 

.245 

.220 

.260 

.280 

.250 

.250 

Aug.     .    .    . 

.190 

.179 

.209 

.225 

.249 

.224 

.270 

.290 

.260 

.250 

Sep.     .    .    . 

.206 

.194 

.209 

.244 

.281 

.239 

.300 

.300 

.260 

.300 

Oct.     .    .    . 

.208      .211 

.218 

.257 

.289 

.275 

.300 

.290 

.290 

.290 

Nov.    .    .    . 

.230      .250 

.235 

.275 

.263 

.294 

.310 

.310 

.330 

.330 

Dec.     .    .    . 

.245      .269 

.248 

.311 

.283 

.308 

.350 

.300 

.360 

.350 

AVERAGE  PRICE  OF  ELGIN  AND  CHICAGO  BUTTER  EXTRAS. 

Continued. 
(Since  February,  1918,  Chicago  price  has  been  used.) 


1914. 

1915. 

1916. 

1917. 

1918. 

1919. 

1920. 

1921. 

$  .320 

$  .310 

$  .310 

$  .380 

$  .490$  .540 

.280 

.300 

.320 

.410 

.490 

.500 

.270 

.280 

.360 

.410 

.430 

.580 

.240 

.300 

.340 

.430 

.     420 

.620 

.260 

.270 

.290 

.390 

.420 

.570 

.270 

.270 

.290 

.380 

.420 

.510 

.270 

.260 

.280 

.380 

.430 

.510 

.290 

.250 

.300 

.400 

.450 

.530 

.290 

.250 

.330 

.430 

.550 

.570 

.300 

.280 

.350 

.430 

.560 

.640 

.3301     .310 

.390 

.440 

.630 

.690 

.330 

.330 

.390 

.480 

.670 

.680 

1922. 


Jan. 

Feb. 

Mar. 

Apr. 

May 

June 

July 

Aug. 

Sep. 

Oct. 

Nov. 

Dec. 


Jan. 

1 

Feb.     . 

1 
1 

Mar.     . 

j\.pi:     . 

May 

June    . 

July     . 

Aug.    . 

Sep.     . 

Oct.     . 

Nov.    . 

Dec.     . 

Totals 

162 


Agricultural  Prices 


MILK   PRICES   IN   ELGIN-CHICAGO   DISTRICT. 

(Prices  per  cwt.  of  3^2  per  cent  milk.) 


1903. 

1904. 

1905. 

1906. 

1907. 

1908. 

1909. 

1910. 

1911. 

1912. 

Jan.     .    .    . 

$  1.45 

$  1.55 

$  1.50 

$  1.45 

$  1.55 

$  1.65 

$  1.55 

$  1.75 

$  2.00 

$  1,85 

Feb. 

1.45 

1.50 

1.40 

1.40 

1.45 

1.65 

1.55 

1.70 

1.90 

1.80 

Mar. 

1.35 

1.40 

1.30 

1.30 

1.35 

1.55 

1.45 

1.55 

1.70 

1.65 

Apr. 

1.20 

1.20 

1.20 

1.20 

1.30 

1.35 

1.40 

1.45 

1.30 

1.30 

May 

.95 

.90 

.90 

.90 

1.00 

1.05 

1.10 

1.20 

1.10 

1.05 

June 

.85 

.80 

.80 

.80 

.90 

.95 

.95 

1.05 

1.00 

1.00 

July 

.95 

.90 

.90 

.90 

1.00 

1.05 

1.05 

1.20 

1.30 

1.30 

Aug. 

1.10 

1.10 

1.10 

1.10 

1.20 

1.25 

1.25 

1.45 

1.45 

1.45 

Sep. 

1.20 

1.20 

1.20 

1.20 

1.30 

1.35 

1.35 

1.60 

1.45 

1.50 

Oct. 

1.35 

1.30 

1.35 

1.35 

1.55 

1.45 

1.55 

1.70 

1.70 

1.60 

Nov. 

1.45 

1.40 

1.45 

1.45 

1.65 

1.55 

1.70 

1.90 

1.85 

1.75 

Dec. 

1.55 

1.50 

1.55 

1.55 

1.65 

1.55 

1.75 

2.00 

1.90 

l.Sff 

PRICES  OF  MILK  IN  ELGIN-CHICAGO  DISTRICT— Continued. 
(Prices  per  cwt.  of  SVz  per  cent  milk.) 


1913. 

1914. 

1915. 

1916. 

1917. 

1918.    1919. 

1920. 

1921. 

1922. 

Jan.     .    .    . 

$  1.75 

$  2.00 

$  1.95 

$  1.64 

$  2.05$  3.22]$  3.76 

Feb.     .    .    . 

1.70 

1.85 

1.85 

1.54 

2.00 

3.07 

3.50 

Mar.    .    .    . 

1.60 

1.75 

1.75 

1.43 

1.85 

2.90 

3.10 

Apr.     .    .    . 

1.61 

1.60 

1.45 

1.65 

2.40 

2.65 

2.80 

May     .    .    . 

1.36 

1.40 

1.20 

1.45 

2.00 

2.05 

2.50 

June    .    .    . 

1.25 

1.25 

1.10 

1.25 

1.60 

1.80 

2.50 

July     .    .    . 

1.46 

1.50 

1.30 

1.55 

2.12 

2.30 

3.00 

Aug.    .    .    . 

1.61 

1.60 

1.55 

1.70 

2.30 

2.75 

3.50 

Sep.     .    .    . 

1.55 

1.60 

1.55 

1.70 

2.30 

2.92 

3.55 

Oct.     .    .    . 

1.65 

1.90 

1.53 

1.90 

3.42 

'3.32 

3.63 

Nov.    .    .    . 

1.75 

2.00 

1.65 

2.10 

3.22 

3.68 

3.60 

Dec.     .    .    . 

1.85 

2.00 

1.65 

2.10 

3.22 

3.77 

3.65 

Jan. 

1 

Feb. 

Mar. 

Apr. 

1 

May 

June 

July 

Aug. 

Sep. 

Oct. 

Nov. 

Dec. 

Totals 

Appendix 


163 


AVERAGE    PRICES   OF    DRAFT   HORSES   AT   OMAHA  AND 
CHICAGO   MARKETS.* 


January  .  .  , 
February  .  . 
March  .  .  .  . 
April     .... 

May 

June 

July 

August  .  .  .  . 
September  .  . 
October  .  .  . 
November  .  . 
December  .  . 
Yearly  aver 


1903, 


$133 
140 
150 
175 
180 
145 
133 
133 
133 
140 
125 
143 


1904. 


$188 
148 
148 
163 
208 
193 
163 
148 
148 
163 
183 
178 


1441  169 


1905. 


$175 
175 
175 
188 
181 
163 
165 
165 
170 
200 
200 
200 


180 


1906. 


$183 
183 
195 
208 
238 
205 
175 
178 
178 
195 
200 
200 


1907.1908. 


$230 
243 
250 
268 
300 
280 
263 
233 
213 
200 
220 
200 


1909. 


1951  241  180  194  200  205  210 


1910. 


1911. 


1912. 


AVERAGE  PRICES  OF  DRAFT  HORSES  AT  OMAHA  AND 
CHICAGO  MARKETS*— Continued. 


1913. 


1914. 


1915. 1916 


1917. 


1918. 


1919. 


1920. 


1921, 


1922, 


January  . 
February 
March  .  . 
April  .  . 
May  .  .  . 
June  .  .  . 
July  .  .  . 
August  .  . 
September 
October  . 
November 
December 


Yearly  aver.    . 


213     208     203     210     215     210     215 


*Omaha  prices,  1903  to  1907,  inclusive;  Chicago  prices  after  1907. 


MONTHLY  PRICES  OF  HORSES  ON  THE  FARMS  OF  THE 
UNITED  STATES. 


January  . 
February 
March  .    . 
April     .    . 
May  .    .   . 
June  .   .    . 
July    .   .   . 
August  .   . 
September 
October    . 
November 
December 


1911. 


$143 
144 
145 
147 
146 
145 
139 
141 
139 
137 
136 
134 


1912, 


$134 
137 
140 
142 
144 
147 
142 
142 
141 
140 
140 
139 


1913. 


$140 
146 
146 
148 
145 
146 
143 
141 
141 
138 
136 
135 


1914. 


$137 
139 
138 
138 
139 
136 
137 
135 
132 
131 
130 
130 


1915, 


$130 
132 
132 
132 
133 
132 
134 
131 
131 
129 
127 
126 


1916. 


$128 
129 
131 
133 
134 
132 
133 
131 
131 
130 
129 
129 


1917. 


$129 
131 
133 
136 
138 
137 
135 
132 
132 
130 
129 
129 


1918, 


$130 
133 
137 
137 
136 
135 
132 
131 
128 
126 
122 
121 


1919, 


$120 
121 
124 
127 
129 
127 
127 
125 
119 
114 
113 
113 


1920. 


164 


Agricultural  Prices 


MONTHLY    HOG    RECEIPTS   AT   ELEVEN    MARKETS. 

(Chicago,  Kansas  City,  Omalia,  St.  Louis,  St.  Joseph,  Sioux  City,  St.  Paul, 

Indianapolis,  Cleveland,  Buffalo  and  Pittsburgh.) 

(000  omitted.) 


1903. 

1904. 

1905. 

1906. 

1907. 

1908. 

1909. 

1910. 

1911. 

1912. 

Jan. 

Feb. 

Mar. 

Apr. 

May 

June 

July 

Aug. 

Sep. 

Oct. 

Nov. 

Dec. 

2,036 
1,923 
2,169 
1,876 
2,266 
2,416 
1,855 
1,600 
1,560 
2,021 
2,632 
2,445 

3,084 
2,631 
2,165 
1,969 
2,133 
2,082 
1,840 
1,462 
1,343 
1,875 
2,107 
2,404 

Totals 

20,550|21,920 

23,845 

23,049 

24,136 

27,826 

22,820 

19,523 

24,859 

25,095 

MONTHLY  HOG  RECEIPTS  AT  ELEVEN  MARKETS— Continued. 

(Chicago,  Kansas  City,  Omaha,  St.  Louis,  St.  Joseph,  Sioux  City,  St.  Paul, 

Indianapolis,  Cleveland,  Buffalo  and  Pittsburgh.) 

(000  omitted.) 


1913. 

1914. 

1915. 

1916. 

1917. 

1918. 

1919. 

1920. 

1921. 

1922. 

Jan. 

Feb. 

Mar. 

Apr. 

May 

June 

July 

Aug. 

Sep. 

Oct. 

Nov. 

Dec. 

2,632 
2,027 
1,775 
1,843 
2,105 
2,225 
1,959 
1,771 
1,753 
2,032 
2,248 
2.815 

2,479 
2,030 
1,897 
1,644 
1,859 
2,184 
1,722 
1,491 
1,436 
1,943 
1,995 
2,838 

2,915 
2,651 
2,439 
1,816 
1,961 
2,234 
i,837 
1,605 
1,363 
1,624 
2,600 
3,567 

3,847 
3,104 
2,252 
2,412 
2,395 
2,297 
1,884 
2,157 
1,609 
2,462 
3,575 
3,712 

3,587 
2,656 
2,189 
1,982 
2,265 
2,069 
1,991 
1,333 
1,035 
1,721 
2,547 
2,711 

3,025 
3,173 
3,115 
2,715 
2,433 
2,159 
2,272 
1,718 
1,566 
2,333 
3,240 
4,082 

4,100 
3,160 
2,560 
2,504 
2,739 
2,840 
2,251 
1,493 
1,555 
1,992 
2,559 
3,551 

3,670 
2,324 

Totals 

25,185 

23,518 

26,612 

31,706 

26,086 

31,831 

31,314 

1 

Jan. 

Feb. 

Mar. 

Apr. 

May 

June 

July 

Aug. 

Sep. 

Oct. 

Nov. 

Dec. 

Totals       1            1 

Appendix 


165 


MONTHLY  HOG  RECEIPTS  AT  SIX  MARKETS. 

(Chicago,  Omaha,  Kansas  City,  St.  Louis,  St.  Joseph,  Sioux  City.) 
(000  omitted.) 


1903. 

1904.  1905. 

1906. 

1907. 

1908. 

1909. 

1910. 

1911. 

1912. 

Jan.  .  .  . 

1,559 

1,693 

1,935 

1,913 

1,828 

2,663 

2,011 

1,404 

1,492 

2,322 

Feb. 

1,404 

1,709 

1,538 

1,657 

1,690 

2,044 

1,594 

1,350 

1,552 

1,992 

Mar. 

1,124 

1,318 

1,497 

1,492 

1,396 

1,752 

1,900 

1,120 

1,666 

1,695 

Apr. 

1,215 

1,349 

1,245 

1,305 

1,461 

1,293 

1,371 

960 

1,556 

1,542 

May 

1,451 

1,472 

1,588 

1,608 

1,783 

1,790 

1,553 

1,260 

1,852 

1,759 

June 

1,485 

1,457 

1,744 

1,730 

1,677 

1,694 

1,480 

1,422 

1,876 

1,602 

Julv 

1,364 

808 

1,266 

1,408 

1,595 

1,354 

1,153 

1,117 

1,492 

1,405 

Aug. 

1,164 

1,236 

1,158 

1,396 

1,278  1,269 

1,005 

1,098 

1,172 

1,085 

Sep. 

1,043 

923 

1,047 

1,046 

1,149  1,151  1,002 

830 

1,166 

934 

Oct. 

974 

1,109 

1,318 

1,113 

1,088  1,591  1,138 

892 

1,439 

1,295 

Nov. 

1,290 

1,644 

1,617 

1,252 

1,037  1,875  1,389 

1,212 

1,828 

1,452 

Dec. 

1,730 

1,772 

l,799i  1,458 

1,610  1,981  1,440 

1,331 

1,779 

1,664 

Totals 

15,803|16,490|17,752|17,378 

17,593  20,457117,036 

13,996 

18,871 

18,743 

MONTHLY  HOG  RECEIPTS  AT  SIX  MARKETS— Continued. 
(Chicago,  Omaha,  Kansas  City,  St.  Louis,  St.  Joseph,  Sioux  City.) 

(000  omitted.) 


1913. 

1914; 

1915. 

1916. 

1917.  1918. 

1919. 

1920. 

1921. 

1922. 

Jan.  .  .  . 

1,959 

1,739 

2,003 

2,839 

2,757  2,144 

3,100 

Feb. 

1,575 

1,584 

2,028 

2,416 

2,219 

2,322 

2,458 

Mar. 

1,399 

1,405 

1,863 

1,863 

1,723 

2,469 

2,005 

Apr. 

1,385 

1,202 

1.305 

1,435 

1,510 

2.096 

1,919 

May 

1,585 

1,320 

1,506 

1,594 

1,667 

1,819!  2,049 

June 

1,688 

1,483 

1,551 

1,631 

1,475 

1,594 

2,124 

July 

1,444 

1,170 

1,332 

1.3781  1,470 

1,754 

1,705 

Aug. 

1,387 

1,0201  1,137 

1,492 

991 

1,353 

1,054 

Sep. 

1,309   984   956 

1,116 

701 

1,172 

1,092 

Oct. 

1,389  1,312   992 

1,6681  1,124 

1,678 

1,333 

Nov. 

1,575  1,494  1,651 

2,469(  1,641 

2,208 

1,740 

Dec. 

1,972  1,970  2,561 

2,665|  1,802 

2,743 

2,5011 

Totals 

18.668|16,619  18,876 

22,566|19,080 

23,352|23,080| 

Jan.  .  .  . 

. 

Feb.  .  .  . 

Mar.  .  .  . 

Apr.  .  .  . 

May  ,  .  . 

June  .  .  . 

July  .  .  . 

Aug.  .  .  . 

Sep.  .  .  . 

Oct.  .  .  . 

Nov.  .  .  . 

Dec.  .  .  . 

Totals  • 

166 


Agricultukal  Prices 


HOG   RECEIPTS  AT  CHICAGO. 

(000  omitted.) 


1903. 

1904. 

1905. 

1906.  1907. 

1908. 

1909. 

1910. 

1911. 

1912. 

Jan. 
Feb. 
Mar. 
Apr. 
May- 
June 
July 
Aug. 
Sep. 
Oct. 
Nov. 
Dec. 

818 
688 
522 
527 
571 
677 
545 
538 
465 
451 
637 
885 

870 
846 
612 
558 
580 
577 
350 
502 
356 
477 
705 
805 

930 
727 
677 
560 
653 
625 
504 
489 
476 
579 
704 
800 

898 
734 
621 
503 
561 
624 
585 
571 
454 
511 
556 
656 

806 
681 
579 
583 
647 
587 
611 
511 
480 
442 
472 
802 

1,110 
869 
723 
493 
604 
629 
531 
469 
381 
634 
816 
873 

818 
690 
737 
482 
570 
518 
449 
397 
353 
399 
564 
643 

569 
574 
394 
325 
462 
497 
390 
441 
355 
424 
549 
607 

640 
651 
702 
519 
635 
560 
508 
485 
442 
587 
695 
679 

881 
791 
654 
567 
630 
543 
523 
431 
404 
522 
573 
661 

Totals   !  7,324|  7,238!  ^,724 

7,274 

7,201 

8,132 

6,620 

5,587 

7,103 

7,180 

HOG  RECEIPTS  AT  CHICAGO— Continued. 
(000  omitted.) 


1913. 

1914. 

1915. 

1916. 

1917. 

1918. 

1919. 

1920. 

1921. 

1922. 

Jan.  .  .  . 

806 

729 

896 

1,228 

1,124 

729 

1,123 

1,024 

Feb. 

646 

649 

740 

947 

792 

917 

913 

616 

Mar. 

586 

543 

646 

733 

628 

975 

675 

Apr. 

534 

444 

467 

542 

543 

787 

640 

May 

549 

465 

567 

612 

584 

659 

704 

June 

611 

586 

564 

566 

506 

513 

781 

July 

517 

460 

511 

527 

474 

628 

603 

Aug. 

565 

414 

445 

587 

337 

434 

384 

Sep. 

588 

370 

412 

474 

251 

398 

432 

Oct. 

641 

521 

418 

781 

436 

681 

568 

Nov. 

641 

434 

812 

1,062 

698 

894 

807 

Dec. 

889 

1,002 

1.175  1,128 

796 

1,000 

1,043 

Tot? 

Is 

7,573 

6,617 

7,653|  9,187 

7,169 

8,615 

8,673 

Jan. 

1 

Feb. 

Mar. 

Apr. 

May 

June 

July 

Aug. 

Sep. 

Oct. 

Nov. 

Dec. 

Totals 

1 

Appendix 


167 


HOG  RECEIPTS  AT  OMAHA. 

(000  omitted) 


1903. 

1904.  1905. 

1 

1906. 

1907. 

1908. 

1909. 

1910. 

1911. 

1912. 

Jan. 

Feb. 

Mar. 

Apr. 

May 

June 

July 

Aug. 

Sep. 

Oct. 

Nov. 

Dec. 

197 
204 
164 
183 
240 
277 
210 
159 
130 
100 
150 
218 

185 
222 
198 
234 
253 
264 
106 
180 
135 
125 
185 
214 

206 
184 
216 
166 
226 
301 
222 
172 
123 
120 
137 
210 

229 
226 
223 
205 
255 
305 
207 
219 
130 
111 
117 
167 

203 
218 
198 
193 
250 
245 
259 
182 
153 
115 
78 
159 

306 
261 
241 
170 
262 
262 
159 
158 
110 
122 
165 
208 

242 
192 
284 
213 
222 
230 
170 
135 
118 
89 
102 
138 

177 
202 
194 
153 
172 
214 
166 
172 
102 
93 
110 
137 

171 
204 
252 
238 
256 
279 
213 
161 
119 
108 
152 
214 

330 
359 
286 
285 
303 
279 
223 
168 
111 
137 
183 
220 

Totals 

2,232|  2,301 

2,283 

2,394 

2,253|  2,424 

2,135 

1,892 

2,367 

2,884 

HOG  RECEIPTS  AT  OMAHA— Continued. 
(000  omitted) 


1913. 

1914. 

1915. 

1916.  1917. 

1918. 

1919. 

1920. 

1921. 

1922. 

Jan. 

Feb. 

Mar. 

Apr. 

May 

June 

July 

Aug. 

Sep. 

Oct. 

Nov. 

Dec. 

281 
254 
227 
212 
248 
246 
227 
185 
132 
127 
190 
220 

256 
244 
243 
194 
211 
208 
202 
138 
99 
103 
155 
206 

258 
318 
320 
234 
245 
258 
218 
189 
119 
77 
103 
304 

396 
402 
318 
231 
238 
261 
217 
199 
120 
123 
277 
335 

441 
377 
295 
229 
244 
244 
261 
166 
94 
98 
148 
200 

331 
364 
393 
379 
285 
285 
288 
225 
147 
132 
239 
360 

449 
391 
400 
310 
296 
303 
281 
147 
102 
116 
135 
254 

Totals 

2,549 

2,259 

2,643|  3,117 

2,797|  3,428 

3,184 

Jan.   .  . 

1 

1 

1 

Feb.  .  . 

Mar.  . 

Apr.  . 

May  . 

June  . 

July  . 

Aug.  . 

Sep.  . 

Oct.  . 

Nov.  . 

1     1 

Dec.  . 

1     1 

Totals   1 

1    ! 

168 


Agricultubal  Prices 


HOG    RECEIPTS  AT  ST.   LOUIS. 

(000  omitted) 


1903. 

1904. 

1905. 

1906. 

1907. 

1908. 

1909. 

1910. 

1911. 

1912. 

Jan. 

Feb. 

Mar. 

Apr. 

May 

June 

July 

Aug. 

Sep. 

Oct. 

Nov. 

Dec. 

210 
172 
166 
148 
189 
158 
145 
145 
112 
134 
158 
186 

227 
179 
170 
179 
196 
167 
169 
157 
141 
177 
136 
167 

311 
197 
183 
174 
233 
219 
180 
169 
174 
220 
229 
259 

282 
218 
242 
199 
199 
192 
160 
134 
168 
199 
241 
230 

211 
165 
163 
131 
204 
207 
174 
151 
120 
134 
182 
212 

236 
220 
267 
226 
275 
310 
246 
191 
226 
285 
354 
282 

343 
221 
217 
191 
215 
189 
177 
145 
142 
217 
210 
251 

Totals   1  1,568 

1,955|  2,026 

1,923 

2,065 

2,548 

2,464 

2,054 

3,118 

2,518 

HOG  RECEIPTS  AT  ST.  LOUIS— Continued. 
(000  omitted) 


1913. 

1914. 

1915. 

1916. 

1917. 

1918. 

1919. 

1920. 

1921. 

1922. 

Jan.  .  .  . 

283 

291 

261 

361 

360 

292 

395 

Feb. 

219 

265 

285 

315 

293 

338 

340 

Mar. 

185 

224 

301 

245 

259 

320 

332 

Apr. 

180 

197 

205 

189 

232 

275 

340 

May 

232 

209 

210 

242 

264 

251 

340 

June 

226 

196 

189 

206 

203 

223 

305 

July 

189 

151 

157 

171 

177 

227 

.  232 

Aug. 

175 

163 

144 

215 

125 

193 

166 

Sep. 

188 

209 

142 

170 

98 

176 

209 

Oct. 

182 

237 

173 

232 

196 

264 

235 

Nov. 

214 

187 

232 

358 

245 

305 

312 

Dec. 

290 

230 

293 

353 

253 

392 

432 

Totals 

2,563 

2,559 

2,592 

3,057 

2,705 

3,256 

3,638| 

Jan. 

Feb. 

Mar. 

Apr. 

May 

June 

July 

Aug. 

Sep. 

Oct. 

Nov. 

Dec. 

Totals   1 

Appendix 


169 


HOG  RECEIPTS  AT  KANSAS  CITY. 
(000  omitted) 


1903. 

1904. 

1905. 

1906. 

1907. 

1908. 

1909. 

1910. 

1911. 

1912. 

Jan.  .  .  . 

271 

263 

502 

357 

222 

223 

353 

Feb. 

224 

254 

325 

257 

187 

225 

241 

Mar. 

196 

218 

290 

339 

184 

295 

200 

Apr. 

219 

255 

248 

267 

175 

316 

208 

May- 

301 

362 

353 

302 

217 

356 

233 

June 

285 

313 

200 

247 

220 

338 

209 

July 

207 

259 

202 

150 

162 

233 

169 

Aug. 

214 

170 

196 

154 

129 

139 

102 

Sep. 

141 

151 

272 

207 

110 

183 

107 

Oct. 

191 

196 

369 

268 

117 

250 

•  217 

Nov. 

215 

208 

370 

277 

178 

332 

241 

Dec. 

212 

275 

363 

250 

177 

281 

243 

Totals 

1,969 

2,227 

2,508 

2,676 

2,924 

3,690 

3,075 

2,078 

3,171 

2,523 

HOG  RECEIPTS  AT  KANSAS  CITY— Continued. 
(000  omitted) 


1913. 

1914. 

1915. 

1916. 

1917. 

1918. 

1919. 

1920. 

1921. 

1922. 

Jan   .  .  . 

270 

203 

254 

328 

274 

305 

440 

Feb. 

196 

170 

297 

286 

235 

269 

314 

Mar. 

163 

172 

244 

219 

186 

275 

224 

Apr. 

218 

166 

174 

192 

201 

256 

281 

May 

229 

180 

212 

274 

228 

269 

304 

June 

245 

177 

211 

250 

172 

225 

291 

July 

196 

114 

151 

175 

171 

213 

198 

Aug. 

170|   117 

143 

220 

129 

195 

131 

Sep. 

172 

149 

130 

190 

102 

211 

169 

Oct. 

203 

232 

180 

271 

172 

298 

216 

Nov. 

243 

382 

240 

299 

195 

356 

231 

Dec. 

261 

202 

294 

274 

212 

455 

310 

Totals   1  2,566|  2,264 

2,529 

2,978 

2,277 

3,325 

3.109 

Jan. 

Feb. 

Mar. 

Apr. 

May 

June 

July 

Aug. 

Sep. 

Oct. 

Nov. 

Dec. 

Totals 

1 
1 

170 


Agricultural  Prices 


HOG  RECEIPTS  AT  SIOUX  CITY. 

(000  omitted) 


1903. 

1904, 

1905. 

1906. 

1907.  1908. 

1909. 

1910. 

1911. 

1912. 

Jan. 
Feb. 
Mar. 
Apr. 
May 
June 
July 
Aug. 
Sep. 
Oct. 
Nov. 
Dec. 

177 

185 

143 

138 

199 

207 

156 

110 

69 

76 

97 

123 

Totals 

1,008 

1,113 

1,299 

1,158 

1,289 

1,377 

1,077 

1,044 

1,349 

1.680 

HOG  RECEIPTS  AT  SIOUX  CITY— Continued 
(000  omitted) 


1913. 

1 

1914. 

1915. 

1916. 

1917. 

1918. 

1919. 

1920. 

1921. 

1922. 

Jan. 

Feb. 

Mar. 

Apr. 

May 

June 

July 

Aug. 

Sep. 

Oct. 

Nov. 

Dec. 

136 

114 

112 

107 

178 

180 

172 

150 

114 

97 

87 

86 

88 
105 
108 

93 
127 
149 
133 
104 

64 

64 
116 
113 

175 
204 
200 
116 
142 
185 
176 
114 
65 
51 
103 
229 

271 
255 
191 
161 
150 
162 
150 
124 
75 
100 
212 
279 

315 
257 
196 
154 
169 
187 
217 
103 
66 
105 
203 
176 

252 
232 
300 
228 
200 
209 
232 
151 
110 
115 
157 
236 

314 
261 
224 
195 
235 
246 
237 
127 
90 
92 
106 
195 

Totals 

1,533|  1,264|  1,760 

2,130 

2,148 

2,422 

2,322| 

Jan. 

1 

Feb. 

Mar. 

Apr. 

May 

June 

1 

July 

Aug. 

Sep. 

Oct. 

1 

Nov. 

1 

Dec. 

Totals 

Appexdix 


171 


HOG  RECEIPTS  AT  ST.  JOSEPH. 
(000  omitted) 


1903. 

1904.  1905. 

1906. 

1907. 

1908. 

1909. 

1910. 

1911. 

1912. 

Jan. 
Feb. 
Mar. 
Apr. 
May- 
June 
July 
Aug. 
Sep. 
Oct. 
Nov. 
Dec. 

186 
166 
160 
150 
184 
219 
159 
147 
109 
116 
139 
174 

202 

187 
143 
162 
201 
213 
179 
148 
129 
112 
87 
159 

270 
233 
194 
140 
214 
247 
186 
201 
155 
157 
168 
174 

187 
149 
170 
121 
147 
159 
124 
120 
99 
120 
138 
156 

146 
118 
109 
101 
122 
147 
124 
110 
80 
67 
112 
111 

125 
161 
175 
145 
176 
212 
170 
112 
108 
134 
194 
203 

238 
196 
201 
163 
177 
176 
156 
127 
103 
126 
147 
163 

Totals 

1  1,701 

1,656 

1,900 

1,909|  1,922 

2,339 

1,690 

1,360 

1,915|  1,973 

HOG  RECEIPTS  AT  ST.  JOSEPH— Continued 
(000  omitted) 


1 1913. 1 1914. 

1915. 

1916. 

1917. 

1918. 

1919. 

1920. 

1921. 

1922. 

Jan.  .  .  . 

184 

170 

160 

255 

242 

236 

368 

Feb. 

147 

150 

185 

210 

200 

234 

220 

Mar. 

116 

122 

151 

157 

160 

204 

151 

Apr. 

124 

108 

109 

120 

150 

170 

153 

May- 

149 

128 

130 

177 

177 

156 

170 

June 

179 

166 

143 

185 

163 

140 

198 

July 

143 

110 

110 

137 

172 

167 

153 

Aug. 

143 

85 

102 

148 

130 

155 

97 

Sep. 

113 

94 

88 

92 

90 

130 

89 

Oct. 

140 

156 

91 

162 

118 

187 

111 

Nov. 

199 

219 

160 

261 

152 

257 

149 

Dec. 

232 

217 

268 

294 

165 

315 

267 

Totals 

1,8691  1,725 

1,698 

2,198 

1,920 

2.351 

2,126 

Jan. 

Feb. 

Mar. 

Apr. 

May 

June 

July 

Aug. 

Sep. 

Oct. 

Nov. 

Dec.  . 

Tota 

Is 

_.. 

172 


Agricultural  Pricss 


MONTHLY  CATTLE   RECEIPTS  AT  SIX   MARKETS. 
(Chicago,  Omaha,  Kansas  City,  St.  Louis,  St.  Joseph,  Sioux  City.) 

(000  omitted.) 


1903. 

1904. 

1905. 

1906. 

1907. 

1908. 

1909. 

1910. 

1911. 

1912. 

Jan.  .  .  . 

671 

706 

693 

771 

836 

735 

664 

688 

745 

702 

Feb. 

586 

624 

548 

629 

628 

596 

535 

554 

548 

516 

Mar. 

627 

664 

643 

592 

612 

619 

632 

613 

558 

508 

Apr. 

666 

604 

623 

577 

723 

494 

490 

495 

479 

495 

May 

620 

587 

707 

671 

625 

505 

558 

533 

602 

471 

June 

669 

692 

666 

599 

669 

604 

552 

615 

623 

448 

July 

727 

402 

672 

678 

745 

588 

607 

649 

680 

508 

Aug. 

824 

744 

883 

732 

796 

771 

820 

923 

774 

684 

Sep. 

1,065 

927 

1,000 

858 

1,037 

967 

1,010 

1,029 

784 

902 

Oct. 

1,085 

1,088 

1,196 

1,080 

1,057 

941 

1,022 

1,076 

1,073 

1,040 

Nov. 

841 

927 

919 

868 

646 

807 

955 

854 

780 

694 

Dec. 

676 

663 

764 

750 

650 

701 

782 

652 

597 

750 

Totals 

1  9,057 

8,628 

9,314 

8,803 

9,024 

8,328 

8,627 

8,681 

8,242 

7,717 

For  1903,  1904  and  1905,  the  figures  as  given  are  about  8  per  cent  too 
high,  on  account  of  the  system  of  coimtiug  calves  as  cattle  at  certain  mar- 
kets; 92  per  cent  of  the  1903,  1904  and  1905  figures  will  make  them  more 
comparable  with  the  later  years. 


MONTHLY  CATTLE  RECEIPTS  AT  SIX  MARKETS— Continued. 
(Chicago,  Omaha,  Kansas  City,  St.  Louis,  St.  Joseph,  Sioux  City.) 

(000  omitted.) 


1913. 

1914. 

1915. 

1916. 

1917. 

1918. 

1919. 

1920. 

1921. 

1922. 

Jan.  .  .  . 

640 

557 

572 

655 

847 

842 

1,086 

Feb. 

514 

474 

415 

569 

592 

789 

729 

Mar. 

503 

494 

549 

581 

554 

842 

654 

Apr. 

512 

436 

468 

441 

601 

924 

695 

May 

461 

399 

464 

557 

731 

694 

669 

June 

539 

467 

479 

548 

730 

719 

649 

July 

574 

455 

475 

545 

793 

988 

855 

Aug. 

710 

574 

643 

844 

830 

953 

937 

Sep. 

950 

821 

782 

915 

1,085 

1,419 

1,224 

Oct. 

851 

834 

891 

1,226 

1,396 

1,402 

1,276 

Nov. 

622 

593 

859 

964 

1,218 

1,254 

1,224 

Dec. 

615 

622 

658 

753 

922 

1,124 

1,036 

Totals 

7,489 

6.723 

7,254 

8,598 

10,299 

11,950 

11,034 

Appendix 


17S 


MONTHLY  CATTLE   RECEIPTS  AT  CHICAGO. 

(000  omitted) 


1903. 

1904. 

1905. 

1906. 

1907. 

1908. 

1909. 

1910. 

1911. 

1912. 

Jan.  .  .  . 

275 

293 

320 

308 

317 

313 

273 

272 

294 

284 

Feb. 

239 

266 

257 

243 

250 

258 

209 

•  228 

213 

211 

Mar. 

264 

261 

267 

227 

230 

253 

238 

225 

211 

214 

Apr. 

280 

246 

237 

242 

282 

206 

180 

192 

184 

208 

May- 

231 

237 

254 

264 

250 

181 

201 

194 

246 

198 

June 

303 

268 

236 

235 

235 

227 

180 

227 

217 

167 

July 

282 

155 

238 

263 

263 

203 

192 

234 

240 

183 

Aug. 

293 

273 

293 

267 

235 

248 

234 

294 

246 

206 

Sep. 

341 

277 

315 

297 

319 

267 

278 

283 

226 

222 

Oct. 

339 

362 

356 

357 

369 

288 

293 

331 

320 

272 

Nov. 

302 

339 

320 

328 

272 

308 

335 

319 

293 

232 

Dec. 

283 

282 

319 

297 

283 

289 

315 

254 

242 

256 

Totals 

3,432 

3,259 

3,412 

3,328 

3,305 

3,041 

2.928 

3,053 

2,932 

2,653 

MONTHLY  CATTLE  RECEIPTS  AT  CHICAGO— Continued. 
(000  omitted) 


1913. 

1914. 

1915. 

1916. 

1917. 

1918. 

1919. 

1920. 

1921. 

1922. 

Jan. 

Feb. 

Mar. 

Apr. 

May 

June 

July 

Aug. 

Sep. 

Oct. 

Nov. 

Dec. 

240 
176 
190 
212 
178 
200 
184 
184 
238 
242 
217 
252 

215 
194 
190 
184 
161 
177 
162 
186 
213 
222 
119 
214 

190 
131 
176 
162 
170 
179 
165 
200 
205 
202 
243 
239 

227 
194 
186 
156 
199 
177 
180 
231 
254 
332 
318 
276 

309 
206 
171 
204 
237 
218 
206 
233 
318 
415 
376 
322 

261 
280 
304 
303 
228 
245 
314 
265 
389 
414 
402 
385 

364 
257 
213 
226 
232 
244 
286 
238 
293 
396 
386 
369 

Totals 

2,513 

2,237 

2,262 

2,7301  3,215|  3.7901  3,504| 

1 

i 

Jan. 

Feb. 

Mar. 

Apr. 

May 

June 

July 

Aug. 

Sep. 

Oct. 

Nov. 

Dee. 

Totals   1 

17-i 


Agricultural  Prices 


MONTHLY   SHEEP    RECEIPTS   AT   SIX    MARKETS. 

(Chicago,  Omaha,  Kansas  City,  St.  Louis,  St.  Joseph,  Sioux  City.) 

(000  omitted.) 


1903. 

1904. 

1905. 

1906. 

1907. 

1908. 

1909. 

1910. 

1911. 

1912. 

Jan. 

Feb. 

Mar. 

Apr. 

May 

June 

July 

Aug. 

Sep. 

Oct. 

Nov. 

Dec. 

603 
573 

628 
628 
543 
497 
574 
778 
1,097 
1,204 
961 
681 

677 

772 
792 
632 
574 
597 
334 
765 
1,125 
1,150 
812 
543 

703 
683 
760 
779 
790 
563 
659 
794 
1,233 
1,306 
830 
609 

820 
732 
888 
775 
719 
567 
660 
831 
1,083 
1,335 
926 
701 

835 

748 
766 
788 
570 
542 
611 
747 
1,146 
1,258 
658 
600 

661 
654 
610 
641 
573 
660 
643 
852 
1,376 
1,044 
861 
797 

628 
641 
792 
654 
504 
631 
661 
926 
1,285 
1,376 
876 
743 

692 

584. 

607 

507 

607 

661 

834 

1,267 

1,721 

1,910 

1,317 

756 

893 

758 

858 

767 

825 

840 

845 

1,165 

1,684 

2,139 

1,196 

866 

1,108 

930 

956 

835 

710 

713 

878 

1,128 

1,640 

2,051 

1,190 

967 

Totals   1  8,767 

8,773 

9,709 

10,036 

9,269 

9,372 

9,717 

11,463|12,834|13,106 

MONTHLY  SHEEP  RECEIPTS  AT  SIX  MARKETS— Continued. 
(Chicago,  Omaha,  Kansas  City,  St.  Louis,  St.  Joseph,  Sioux  City.) 

(000  omitted.) 


1913. 

1914. 

1915. 

1916. 

1917. 

1918. 

1919. 

1920. 

1921. 

1922. 

Jan.    .  . 

961 

1,060 

914 

861 

893 

821 

899 

Feb. 

858 

965 

794 

818 

800 

690 

647 

Mar. 

787 

1,032 

849 

723 

790 

747 

675 

Apr. 

859 

964 

635 

643 

673 

600 

737 

May 

812 

782 

534 

682 

475j   586 

703 

June 

776 

765 

569 

717 

512 

604 

806 

July 

886 

772 

682 

694 

561 

788 

1,191 

Aug. 

1,030 

1,070 

1,010 

1,087 

707 

1,088 

1,671 

Sep. 

2,018 

1,716 

1,526 

1,431 

1,205 

1,945 

2,232 

Oct. 

1,996 

1,630 

1,127 

1,544 

1,324 

1,745 

1,591 

Nov. 

1,195 

823 

974 

947 

792 

1,059 

1,199 

Dec. 

1,075 

887 

842 

868 

851 

854 

Tota 

Is   |13,252|12,466|10,456 

11,015 

9,583 

11,527 

Jan. 

FebT 

Mar. 

Apr. 

May 

June 

July" 

Aug. 

Sep. 

Oct. 

Nov. 

Dec. 


Totals 


Appendix 


175 


MONTHLY  SHEEP   RECEIPTS  AT  CHICAGO. 

(000  omitted) 


1903. 

1904. 

1905. 

1906. 

1907. 

1908. 

1909. 

1910.  1911. 

1912. 

Jan.  .  . 
Feb.  . 
Mar.  . 
Apr.  . 
May  . 
June  . 
July  . 
Aug.  . 
Sep.  . 
Oct.  . 
Nov.  . 
Dec.  . 

361 
301 
304 
275 
232 
324 
318 
427 
555 
586 
519 
381 

356 
432 
375 
301 
289 
332 
217 
421 
467 
575 
422 
318 

344 
304 
346 
342 
361 
285 
335 
365 
606 
691 
416 
!   345 

370 
337 
375 
367 
363 
324 
335 
409 
467 
633 
439 
387 

418 
314 
273 
339 
260 
261 
331 
360 
444 
575 
323 
319 

304 
282 
263 
285 
275 
353 
339 
403 
540 
412 
460 
435 

287 
250 
308 
276 
223 
301 
363 
420 
534 
597 
474 
409 

328 
222 
225 
221 
259 
329 
444 
570 
686 
896 
648 
402 

418 
341 
319 
298 
375 
403 
446 
495 
653 
886 
611 
492 

565 
427 
390 
349 
322 
261 
456 
532 
658 
803 
650 
544 

Totals 

4,583 

4,505 

1  4,737!  4.806|  4,217|  4,351|  4,442 

1  5,2301  5,737 

6,057 

MONTHLY  SHEEP  RECEIPTS  AT  CHICAGO— Continued. 
(000  omitted) 


1913. 

1914. 

1 

1915. 

1916. 

1917. 

1918. 

1919. 

1920.  1921.  1922. 

Jan.  .  .  . 

450 

485 

385 

334 

306 

289 

442 

Feb. 

353 

458 

233 

306 

282 

252 

275 

Mar. 

332 

460 

259 

279 

306 

258 

243 

Apr. 

359 

400 

232 

270 

307 

245 

276 

May 

355 

343 

213 

282 

198 

237 

271 

June 

369 

341 

226 

310 

213 

252 

342 

July 

428 

375 

277 

298 

230 

340 

458 

Aug. 

465 

443 

301 

410 

242 

417 

483 

Sep. 

817 

650 

347 

440 

372 

668 

699 

Oct. 

804 

681 

317 

577 

469 

671 

716 

Nov. 

622 

271 

372 

438 

333 

574 

559 

Dec. 

550 

469 

346 

347 

336 

426 

481 

Totals   1  5,904 

5,370 

3,508 

4,291 

!  3,594 

4,629 

5,2451 

Jan.  .  . 

Feb.  .  . 

Mar.  . 

Apr.  . 

May  . 

June  . 

July  . 

Aug.  . 

Sep.  . 

Oct.   . 

1 

Nov.  . 

1 

Dec.  . 

1 

Totals 

1 

176 


Agricultural  Prices 


CORN   RECEIPTS  AT  CHICAGO. 

(In  bushels — 000  omitted.) 


1903. 

1904. 

1905. 

1906. 

1907. 

1908. 

1909. 

1910. 

1911. 

1912. 

Jan.  .  .  . 

9,300 

7,500 

10,200 

8,700 

11,500 

12,400 

8,800 

8,800 

12,700 

12,900 

Feb. 

6,800 

7,300 

6,800 

7,900 

13,200 

7,200 

7,800 

12,000 

10,100 

15,200 

Mar. 

6,500 

5,400 

14,800 

6,000 

11,300 

7,900 

9,700 

9,700 

9,900 

10,100 

Apr. 

2,500 

4,500 

8,300 

4,200 

8,000 

6,500 

3,000 

4,000 

4,700 

3,000 

May- 

5,800  4,700 

4,700 

7,000 

6,400 

6,200  6,000 

3,000 

9,100 

5,900 

June 

12,300  13,200 

11,900  14,800 

19,400 

9,800 

8,600 

8,600 

15,400 

12,900 

July 

6,700 

6,600  10,300 

8,700 

8,600 

5,100 

6,500 

6,000 

5,100 

5,900 

Aug. 

5,500 

7,300 

8,500 

4,700 

5,600 

6,600 

6,700 

8,000 

6,700 

6,400 

Sep. 

13.600 

14,800 

11,500 

13,000 

14,600 

8,300 

10,700 

13,000 

11,200 

12,400 

Oct. 

10,200 

3,500 

5,000 

5,100 

13,300 

3,600 

7,100 

8,400 

6,900 

7,600 

Nov, 

6,600 

7,400 

8,000 

6,400 

4,100 

5,300 

5,900 

8,200 

7,800 

7,000 

Dec. 

5,800 

16,800 

10,600 

8,400 

9,100 

12,500 

10,300 

13,900 

8,900 

13,300 

CORN  RECEIPTS  AT  CHICAGO— Continued. 
(In  bushels— 000  omitted.) 


1913.    1914. 


1915. 


1916. 


1917. 


1918. 


1919.    1920. 


1921. 


1922. 


Jan. 

Feb. 

Mar. 

Apr. 

May 

June 

July 

Aug. 

Sep. 

Oct. 

Nov. 

Dec. 


21,900 

21,500 

11,000 

3,600 

5,100 

16,300 

6,400 

4,300 

15,200 

5,800 

2,800 

13,800 


800 
400 
,600 
100 
,500 
,700 
,100 
,200 
,100 
,900 
,500 
,700 


20,900 
9,400 
4,900 
3,900 
4,300 
4,900 
6,500 
6,200 
9,200 
8,100 
7,600 
9,700 


12,000 

15,700 
8,200 
4,700 
7,200 
3,900 

10,600 
6,400 
9,400 
5,400 
8.600 

10,300 


11,100 
7.200 
8,000 
4,900 
5,100 
8,400 
5,300 
4,100 
2,900 
3,900 
4,900 
6,200 


5,800 

10,600 

14,000 

8,500 

5,900 

7,700 

10,000 

5,300 

9,500 

11,600 

6,100 

5,500 


8,000 
3,700 
3,800 
6,100 
3,300 
8,100 
4,900 
3,300 
7,500 
4,800 
4,900 
7,500 


1 

Jan. 

1 

Feb. 

1 

Mar. 

1 

Apr. 

1 

May 

1 

June 

1 

July 

Aug. 

Sep. 

Oct. 

Nov. 

1     1 

Dec. 

1     1 

Totals   1     1 

Appendix 


177 


OATS  RECEIPTS  AT  CHICAGO. 

(In  bushels— 000  omitted.) 


1 
1903. 

1904. 

1905. 

1906. 

1907. 

1908. 

1909. 

1910. 

1911. 

1912. 

Jan.     .    .    . 

9,100 

5,300 

3,600]   8,100 

G,700 

,  7,600 

6,300 

5,400 

8,900 

5,200 

Feb. 

6,900 

6,800 

3.900    5,800 

5,500 

6,200 

5,600 

6,700 

5,900 

7,100 

Mar. 

8,100    8,900 

9,100    6,200 

8,300 

11,300 

8,100 

8,300 

5,600 

7.400 

Apr. 

6,000 

4,100 

3,900 

6,400 

9,100 

7,700 

5,500 

5,800 

5,600 

6,100 

May 

5,300 

3,700 

4,200 

6,300 

8,400 

8,300 

7,300 

6,400 

8,900 

7,400 

June 

7,900 

4,500 

6,300 

7,000 

5,800 

5,600 

7,500 

6,500 

9,800 

6,000 

July 

8,600 

3,900 

6,300 

5,500 

4,200 

5,200 

4,000 

6,400 

6,900 

5,800 

Aug. 

8,200  11,700 

12,900 

10,100 

8,700 

8,400 

13,100 

24,400 

13,300 

14,600 

Sep. 

5,800    7,500  10,800 

8,800  11,500[10,400 

8,700 

7,200 

8,300 

17,700 

Oct. 

8,800    6,000il4,000 

12,000|11,600 

8,900 

8,500 

7,700 

9,200 

17,900 

Nov. 

6,900    4,400    9,3001  7,300    5,700 

5,900 

7,600 

6,900 

5,400 

13,500 

Dec. 

6,300    3,500    8,200    6,300    8,500 

6,900 

5,700 

10,300 

6,300 

9,800 

OATS  RECEIPTS  AT  CHICAGO— Continued. 

(In  bushels — 000  omitted.) 


1913.  1914.  1915.  1916.  1917. 


1918. 


1919. 


1920. 


1921. 


1922. 


Jan. 

Feb. 

Mar. 

Apr. 

May 

June 

July 

Aug. 

Sep. 

Oct. 

Nov. 

Dec. 


11.300 

9,100 

8,300 

7,600 

10,800 

16,600 

10,000 

13,900 

12,900 

9,000 

6.900 

8,100 


8.100 

6,600 

8,300 

5;900 

6,400 

9,200 

10,600 

23,700 

16,700 

17,900 

11,800 

13,200 


11,700|12 
ll,400'll 
11,600 

6,100 

5,500 

6,100 

7,500 
16,700 
18,200 
12,400 
16,300 
10.200 


,900 
,700 
,600 
,500 
,000 
,200 
,400 
,700 


,30014 
200|l3 
400113 
500l   8 


800 
000 
700 
700 
600 
500 
900 
900 
800 
700 
600 
700 


700 
800 
700 
600 
000 
200 
500 
800 
400 
900 
000 
500 


6,600 

4,300 

3,700 

5,500 

5,800 

10,100 

11,000 

12,300 

8,900 

9,400 

5,500 

5,600 


Jan. 

Feb. 

Mar. 

Apr. 

May 

June 

July 

Aug. 

Sep. 

Oct. 

^ 

Nov. 

Dec. 

Totals 

178  Agricultural  Prices 

AVERAGE  WEIGHT  OF   HOGS  AT  CHICAGO. 


1903. 

1904. 

1905. 

1906. 

1907. 

1908. 

1909. 

1910. 

1911. 

1912. 

Jan.  .  . 

20S 

206 

213 

217 

223 

215 

203 

210 

226 

212 

Feb.  .  . 

209 

205 

209 

215 

222 

212 

204 

213 

230 

217 

Mar.  .  . 

215 

206 

211 

218 

228 

212 

206 

218 

239 

218 

Apr.  .  . 

222 

208 

216 

221 

234 

219 

212 

227 

241 

227 

May  .  . 

227 

214 

219 

226 

235 

218 

216 

239 

242 

232 

June  .  . 

231 

221 

222 

226 

236 

217 

219 

242 

236 

235 

July  .  . 

235 

226 

228 

231 

240 

222 

225 

246 

233 

239 

Aug.  .  . 

2-18 

239 

236 

241 

250 

224 

232 

255 

239 

240 

Sep.  .  . 

257 

244 

241 

248 

253 

219 

232 

259 

224 

235 

Oct.  .  . 

241 

230 

234 

237 

235 

207 

227 

253 

212 

226 

Nov.  .  . 

228 

232 

230 

229 

209 

213 

225 

232 

208 

222 

Dec.  .  . 

219 

228 

221 

225 

214 

211 

214 

224 

213 

223 

Y'rly  a 

v^.   227 

220 

222 

226 

231 

216 

218 

235 

232 

226 

AVERAGE  WEIGHT  OF  HOGS  AT  CHICAGO— Continued. 

1913. 

1914. 

1915. 

1916.  1917. 

1918. 

1919. 

1920. 

1921. 

1922. 

Jan.  .  . 

226 

216 

223 

195 

199 

216 

228 

229 

Feb.  .  . 

230 

224 

224 

204 

204 

231 

232 

231 

Mar.  .  . 

210 

233 

231 

214 

209 

238 

230 

Apr.  .  , 

242 

233 

233 

219 

213 

242 

230 

May  .  . 

242 

236 

233 

220 

217 

238 

232 

June  .  . 

244 

237 

231 

226 

225 

235 

233 

July  .  . 

243 

244 

238 

231 

232 

243 

242 

Aug.  .  . 

233 

248 

246 

232 

233 

243 

251 

Sep.  .  . 

222 

242 

235 

223 

231 

247 

254 

Oct.  .  . 

209 

229 

204 

210 

212 

233 

237 

Nov.  .  . 

.   207 

218 

187 

195 

209 

226 

226 

Dec.  .  . 

213 

226 

190 

193 

211 

223 

224 

Y'rly  a 

V.   228 

231 

219 

210 

213 

234 

233 

Jan.  .  . 





Feb.  .  . 

Mar.  .  . 

Apr.  .  . 

May  .  . 

June  .  . 

July  .  . 

Aug.  .  . 

Sep.  .  . 

Oct.  .  . 

Nov.  .  . 

Dec.  .  . 

Totals 

Appendix 

AVERAGE   WEIGHT   OF   HOGS  AT  OMAHA. 


179 


1903. 

1904. 

1905. 

1906. 

1907. 

1908. 

1909. 

1910. 

1911. 

1912. 

Jan.  .  .  . 

235 

231 

256 

234 

244 

233 

231 

229 

242 

247 

Feb. 

242 

250 

236 

226 

237 

228 

223 

226 

243 

222 

Mar. 

236 

235 

239 

228 

244 

230 

227 

231 

254 

221 

Apr. 

247 

236 

236 

230 

252 

233 

233 

232 

244 

231 

May- 

248 

232 

237 

232 

250 

228 

232 

245 

254 

233 

June 

253 

233 

241 

232 

250 

226 

229 

249 

245 

234 

July 

254 

232 

233 

233 

254 

227 

236 

250 

242 

232 

Aug. 

265 

244 

238 

246 

260 

229 

239 

259 

253 

238 

Sep. 

273 

252 

245 

253 

263 

226 

240 

272 

265 

241 

Oct. 

278 

251 

251 

254 

260 

222 

242 

284 

262 

235 

Nov. 

268 

267 

252 

248 

244 

238 

248 

274 

246 

235 

Dec. 

265 

265 

248 

246 

249 

237 

234 

262 

225 

238 

AVERAGE  WEIGHT  OF  HOGS  AT  OMAHA— Continued. 


1913. 

1914. 

1915.  1916. 

1917. 

1918. 

1919. 

1920. 

1921. 

1922. 

Jan.  ,  .  . 

234 

224 

2411   216 

218 

240 

229 

Feb. 

229 

232 

238 

216 

223 

243 

235 

Mar. 

. 

238 

238 

244 

224 

226 

249 

236 

Apr. 

241 

242 

252 

228 

229 

242 

235 

May 

•  244 

247 

256 

232 

233 

246 

238 

June 

245 

250 

248 

236 

239 

248 

244 

July 

247 

255 

249 

243 

245 

261 

245 

Aug. 

244 

261 

264 

247 

245 

260 

255 

Sep. 

249 

268 

274 

249 

256 

264 

275 

Oct. 

233 

265 

265 

246 

257 

264 

281 

Nov. 

219 

253 

252 

224 

260 

240 

271 

Dec. 

218 

242 

230 

211 

243 

227 

249 

AVERAGE  WEIGHT  OF  HOGS  AT  ST.  LOUIS. 


1910. 

1911. 

1912. 

1913. 

1914. 

1915. 

1916. 

1917. 

1918. 

1919. 

Jan.  .  .  . 

178 

188 

158 

182 

169 

170 

172 

175 

190 

189 

Feb. 

165 

195 

162 

180 

177 

174 

173 

179 

190 

184 

Mar. 

171 

202 

167 

170 

174 

176 

171 

175 

189 

173 

Apr. 

176 

197 

165 

179 

ISO 

175 

171 

171 

186 

176 

May 

198 

170 

191 

181 

174 

175 

178 

175 

181 

182 

June 

206 

180 

196 

183 

177 

180 

180 

173 

180 

182 

July 

184 

190 

174 

185 

174 

180 

181 

177 

182 

181 

Aug. 

193 

185 

181 

183 

174 

186 

176 

175 

174 

183 

Sep. 

215 

186 

196 

182 

173 

183 

168 

182 

174 

181 

Oct. 

205 

173 

182 

182 

169 

165 

162 

181 

178 

176 

Nov. 

205 

169 

178 

178 

175 

169 

164 

181 

182 

183 

Dec. 

191 

159 

176 

169 

166 

174 

172 

185 

188 

181 

Y'rly  av. 

1   192 

183 

177 

179 

173 

175 

172 

177 

183 

181 

180  Agricultural  Prices 

AVERAGE  WEIGHT  OF   HOGS  AT  KANSAS  CITY. 


11903. 


1904. 


1905. 1906 


1907. 


1908. 


1909. 


1910. 


1911. 


1912. 


January  .  .  . 
Februarj'  .  . 
March  .... 
April     .... 

May 

June 

July 

August  .  .  .  . 
September  .  . 
October  .  .  . 
November  .  . 
December  .  . 
Yearly  aver. 


218 


207 


208 


211 


212 


200 


199 


210 


204 


203 
203 
205 
204 
199 
198 
206 
205 


200 


AVERAGE  WEIGHT  OF  HOGS  AT  KANSAS  CITY— Continued. 


1913, 


1914. 


1915, 


1916. 


1917. 


1918. 


1919. 


1920. 


1921. 


1922. 


January  .  .  . 
February  .  . 
March  .... 
April     .... 

May 

June 

July 

August  .  .  .  . 
September  .  . 
October  .  .  . 
November  .  . 
December  .  . 
Yearly  aver, 


213 
212 
213 
216 
208 
206 
202 
193 
190 
185 
178 
178 


183 
193 
200 
195 
197 
196 
196 
192 
192 
191 
186 
188 


201 
204 
201 
204 
204 
197 
199 
202 
198 
192 
194 
205 


204 
199 
203 
204 
202 
202 
204 
188 
181 
171 
172 
183 


1891  218 


189 
192 
191 
193 
196 
190 
180 
183 
195 
198 
206 


201  191 


200  193 


221 
213 
218 
213 
207 
206 
191 
172 
173 
185 
194 


188 
201 
202 
194 
193 
194 
194 
193 
181 
175 
187 
189 


192  201  191 


Jan. 

1 

Feb. 

Mar. 

Apr. 

May 

June 

July 

Aug. 

Sep. 

Oct 

Nov. 

Dec. 

1      - 

Totals       1 

Appendix  181 

AVERAGE  WEIGHT  OF  HOGS  AT  ST.  JOSEPH. 


11913. 


1914.1915, 


1916.1917. 


1918. 


1919. 


1920. 


1921.11922. 


January  . 
February 
March  .  . 
April  .  . 
May  .  .  . 
June  .  .  . 
July  .  .  . 
August  .  . 
September 
October  . 
November 
December  . 


Yearly  aver.    .    .    .     211|    217 


237 
227 
229 
229 
228 
232 
206 
232 
229 
218 
192 
192 


204 
215 
223 
216 
219 
213 
228 
231 
240 
218 
193 
210 


218 
220 
230 
240 
236 
240 
234 
245 
239 
217 
209 
210 


206 
215 
221 
227 
218 
217 
226 
239 
230 
215 
205 
206 


228  219 


218 
226 
230 
225 
221 
223 
228 
226 
243 
233 
234 
228 


230 
242 
243 
241 
239 
230 
229 
234 
241 
226 
206 
205 


2281  230  227 


213 

218 
228 
228 
224 
224 
229 
237 
247 
234 
222 
219 


AVERAGE  WEIGHT  OF  HOGS  AT  SIOUX  CITY. 


January  .  .  . 
February  .  . 
March  .... 
April     .... 

May 

June 

July 

August  .  .  .  . 
September  .  . 
October  .  .  . 
November  .  . 
December  .  . 
Yearly  aver, 


1903. 


1904. 


1905. 


1906. 


1907.1908. 


248  247  244  2481  249  238  233  250  250  239 


1909, 


1910. 


1911, 


1912. 

215 
216 
223 
228 
232 
237 
237 
250 
255 
252 
266 
258 


AVERAGE  WEIGHT  OF  HOGS  AT  SIOUX  CITY— Continued. 


1913 


1914, 


1915, 


1916. 


1917.1918. 


1919, 


1920. 


1921. 


1922. 


January  .  .  . 
February  .  . 
March  .... 
April     .... 

May 

June 

July 

August  .  .  .  . 
September  .  . 
October  .  .  . 
November  .  . 
December  .  . 
Yearly  aver. 


249 
239 
250 
256 
261 
257 
256 
251 
238 
210 
211 
217 


220 
228 
241 
240 
246 
254 
249 
262 
268 
286 
266 
255 


232 
226 
242 
248 
251 
251 
256 
259 
270 
262 
228 
222 


215 
220 
225 
231 
236 
246 
250 
249 
249 
250 
236 
215 


2091  200 

211  211 

217  244 

225  248 

221  242 

232)  248 

2381  258 

239  256 


234 
231 
226 
235 


267 
270 
261 
242 


231 
230 
238 
240 
247 
251 
251, 
265 
273 
267 
268 
242 


2411  251 


246  231|  225|  248  250 


182  Agricultural  Prices 

AVERAGE   WEIGHT   OF  CATTLE   AT  CHICAGO. 


1903.  1904. 

1905. 

1906. 

1907.  1908. 

1909. 

1910. 

1911. 

1912. 

January  

February     

March 

April 

Mav 

1,044  1,086  1,066 

1.064  1,080  1,068 

1.065  1,068  1,000 
1,020  1,033     938 
1,040;1,015     950 
1,062  1,008     988 
1,0311,044  1,043 

1,041 

1,046 

1,023 

981 

962 

1,001 

1,008 

1,005 

993 

964 

993 

995 

1,005  1,049 

1,025  1,069 

1,012  1,020 

973  1,058 

960  1,064 

977  1,040 

983  1,061 

966  1,057 

930  1,022 

945  1,005 

1,001     991 

1,021  1,019 

1,025 

1,042 

1,022 

1,055 

1,082 

1,092 

1,074 

1,022 

994 

974 

995 

999 

1,019 

1,010 

995 

1,036 

1,024 

1,006 

980 

939 

949 

947 

990 

995 

987 

1,031 

1,030 

1,068 

1,080 

1,036 

1,017 

995 

985 

966 

889 

972 

1,018 
990 
991 
999 
994 

June 

999 

July 

1,003 

August 

September 

October 

November 

December 

l,045|l,011  1,033 
988  1,0111,020 
1,005     966  1,020 
1,041  1,015  1,046 
1,078  1,035  1,048 

958 
953 
951 
957 
980 

Yearly  aver.    .    .    . 

1,03911,032  1,019 

1,000 

979  1,036 

1,036 

990 

997 

981 

AVERAGE  WEIGHT  OF  CATTLE  AT  CHICAGO— Continued. 


1913. 


1914. 


1915. 


1916. 


1917. 


1918. 


1919. 


1920. 


1921.1922. 


January  .   .    . 
February     .   . 
March   .... 
April     .... 

May 

June 

July 

August  .... 
September  .  . 
October  .  .  . 
November  .  . 
December  .  . 
Yearly  aver. 


1,002 
1,006 

929 
1,040 
1,040 
1,069 
1,037 
1,021 

992 

980 
1,011 

997 


996 

1,013 

1,012 

1,036 

1,021 

1,008 

1,000 

999 

981 

958 

1,015 

1,003 


1,027 
1,041 
1,055 
1,089 
1,075 
1,076 
1,032 
1,050 
1,047 
1,024 
1,017 
1,037 


1,044 

1,038 

1,025 

1,025 

1,010 

1,000 

1,009 

980 

943 

950 

954 

957 


980 
962 
992 
969 
982 
961 
957 
931 
930 
873 
911 
911 


946 
953 
956 
975 
914 
966 
912 
943 
914 
921 
930 
933 


885 
932 
918 
946 
937 
966 
917 
959 
896 
954 
929 
935 


1,00811,002  1,046 


987 


939  941  936 


Jan. 

1 

1 

Feb. 

1 

Mar. 

Apr. 

May 

June 

1           1 

July 

1           1 

Aug. 

1           1 

Sep. 

1           1 

Oct. 

1           i 

Nov. 

1           1 

. 

Dec. 

1            1 

Totals      1           1 

1 

Appendix  183 

AVERAGE  WEIGHT  OF  SHEEP  AND   LAMBS  AT  CHICAGO. 


1903. 

1904. 

1905. 

1906. 

1907. 

1908. 

1909. 

1910. 

1911.!l912. 

January  

88 

93 

89 

86 

86 

85 

84 

83 

90|      82 

February     

86 

89 

89 

83 

86 

84 

83 

82 

88 

82 

March 

82 

87 

88 

82 

86 

86 

84 

82 

86 

84 

April 

87 

88 

89 

82 

85 

84 

84 

80 

85 

82 

May 

85 
80 
80 
81 

86 
82 
83 
82 

87 
82 
82 
79 

82 
80 
80 
79 

84 
81 
81 
81 

85 
82 
79 
79 

81 
77 
76 
80 

82 
80 
80 
80 

84 
75 
76 
78 

80 

June 

76 

July 

75 

August 

75 

September 

77 

78 

78 

78 

82 

79 

79 

79 

72 

77 

October    

79 

78 

75 

79 

80 

79 

80 

79 

73 

78 

November 

82 

85 

80 

80 

81 

81 

81 

82 

78 

82 

December 

87 

88 

84 

85 

84 

82 

79 

81 

83 

85 

Yearly  aver.    .    .    . 

83 

84 

83 

81 

83 

82 

83 

81 

79 

79 

AVERAGE  WEIGHT  OF  SHEEP  AND  LAMBS  AT  CHICAGO— Continued. 


1913. 


1914. 


1915. 


1916. 


1917. 


1918. 


1919. 1920 


1921.1922. 


January  .  .  . 
February  .  . 
March  .  .  .  . 
April     .   .   .   . 

May 

June 

July 

August  .  .  .  . 
September  .  . 
October  .  .  . 
November  .  . 
December  .  . 
Yearly   aver 


87 
85 
84 
85 
82 
77 
76 
78 
75 
73 
78 
80 
79 


Jan. 

1 

Feb. 

Mar. 

Apr. 

May 

June 

July 

^ 

Aug. 

Sep. 

Oct. 

Nov. 

Dec. 

Totals       1 

184 


Agricultural  Prices 


PERCENTAGE  OF  DIFFERENT  GRADES  OF  CATTLE  SLAUGHTERED 
AT  CENTRAL  MARKETS. 


to 
W) 

<D 

s 

Pi 

w 

o 

•1-1 
O 

0) 

a 
o 

^1 

B 
(1) 

o 
Q 

Steers — 

1,500  pounds  and  up    .    .    . 
1,300  to  1,500  pounds   .    .    . 
1.100  to  1,300  pounds    .    .    . 
950  to  1,100  pounds   .    .    .    . 
950  pounds  and  down  ,    ,    . 
Western,  etc 

.236 
1.492 
8.709 

16.363 
3.790 
8.623 
5.674 
2.066 

46.956 

2.930 
2.947 
1.904 

7.781 

13.940 

1.584 

17.874 

33.398 

6.820 
1.076 
1.904 
2.053 
11.853 

.209 
1.276 
8.134 

13.421 
2.801 

17.432 
1.592 
1.049 

45.914 

2.270 

.581 

1.001 

3.852 

11.450 

6.782 

21.972 

40.204 

7.060 

1.854 

.399 

.821 

10.134 

.427 

1.550 

6.548 

11.573 

2.994 

17.091 

1.756 

.661 

42.600 

2.180 

1.366 

.990 

4.536 

11.890 

5.234 

12.050 

29.174 

6.820 
4.342 

11.734 
.719 

23.615 

.104 

1.241 

6.047 

9.524 

2.263 

17.358 

2.261 

.452 

39.250 

1.760 
.748 
.806 

3.314 

10.600 

7.566 

29.077 

47.243 

6.550 

2.558 

.476 

.608 

10.192 

.068 

.844 

6.796 

12.174 

2.819 

13.762 

1.572 

.847 

38.856 

1.570 

.774 

1.694 

4.038 

10.510 

9.195 

26.097 

45.802 

6.880 

2.706 

1.166 

.533 

11.285 

.058 

.738 

6.255 

13.387 

4.131 

7.425 

Canners 

3.582 

Baby  beef 

1.673 

Total  steers 

Bulls- 
Native  

37.249 
1.720 

Western,  etc 

.687 

Canners 

.428 

Total  bulls 

Cows — 

Native  or  shipper 

Western 

2.835 

15.990 
6.488 

Canner  

25.176 

Total  cows 

Heifers — 

Native 

Western,  etc 

Canners 

47.654 

9.340 

1.846 

.718 

Babv  beef  

.353 

Total  heifers 

12.257 

The  above  figures  were  compiled  by  Stephen  Chase,  of  the  Food  Ad- 
ministration, for  the  last  half  of  1918.  No  other  years  are  available.  Note 
the  large  proportion  of  our  beef  supply  which  comes  from  canner  cows 
and  light  steers. 


Appendix 


185 


YEARLY  SHIPMENTS  OF  STOCKER  AND  FEEDER  CATTLE 
FROM    OMAHA. 

(000  omitted) 


1904. 

1905. 

1906. 

1907. 

1908. 

1909. 

1910. 

1911. 

Nebraska  

131 

137 

125 

Ill 

114 

125 

135 

155 

Iowa 

92 

122 

143 

160 

125 

148 

176 

202 

Kansas 

1 

2 

1 

1 

4 

3 

10 

Illinois 

8 

8 

9 

32 

36 

56 

62 

47 

Missouri 

11 

19 

12 

18 

24 

35 

35 

26 

South   Dakota    .... 

5 

22 

13 

31 

12 

7 

3 

1 

Colorado 

1 

1 

1 

Wyoming 

1 

1 

1 

1 

1 

1 

Other  states   

9 

6 

5 

5 

3 

4 

9 

8 

Totals 

257 

316 

308 

359 

318 

380 

432 

443 

Ck 

YEARLY  SHIPMENTS  OF  STOCKER  AND  FEEDER  CATTLE 

FROM  OMAHA— Continued. 

(000  omitted) 


1912. 

1913. 

1914. 

1915. 

1916. 

1917. 

1918. 

1919. 

Nebraska 

150 

126 

171 

224 

279 

284 

229 

293 

Iowa 

182 

213 

152 

172 

207 

199 

190 

282 

Kansas 

2 

1 

1 

1 

1 

2 

1 

3 

Illinois 

39 

27 

20 

27 

18 

22 

36 

31 

Missouri 

21 

10 

11 

19 

7 

11 

9 

13 

South   Dakota    .    .    .    . 

8 

16 

9 

15 

12 

22 

33 

16 

Colorado 

4 

1 

2 

2 

1 

1 

2 

2 

Wyoming 

6 

4 

4 

10 

3 

3 

7 

4 

Other  states   

5 

8 

4 

7 

5 

16 

9 

11 

Totals 

416 

405 

375 

475 

533 

561 

517 

654 

186 


Agricultural  Prices 


MONTHLY  SHIPMENTS  OF  STOCKER  AND  FEEDER  CATTLE 

FROM  OMAHA. 

(000  omitted) 


1904. 

1905. 

1906. 

1907. 

1908. 

1909. 

1910. 

1911. 

January  

February  

March 

18 
13 
19 
16 
11 
9 
6 
14 
40 
49 
36 
25 

18 
13 
30 
16 
13 
21 
10 
24 
49 
64 
39 
28 

19 
22 
20 
14 
13 
13 
11 
23 
42 
55 
49 
27 

26 
19 
22 
17 
18 
31 
16 
33 
58 
75 
24 
20 

25 
19 
22 
16 
12 
18 
11 
25 
49 
55 
32 
34 

32 
22 
25 
19 
14 
12 
13 
38 
69 
63 
46 
28 

18 
21 
34 
22 
16 
15 
22 
51 
87 
68 
45 
30 

36 
29 

27 

April 

15 

May 

14 

June 

21 

Julv 

24 

August 

56 

September 

October 

November 

December 

64 
81 
49 
28 

Totals 

257 

316 

308 

359 

318 

380 

432 

443 

MONTHLY  SHIPMENTS  OF  STOCKER  AND  FEEDER  CATTLE 

FROM  OMAHA— Continued. 

(000  omitted) 


1912. 

1913. 

1914. 

1915. 

1916. 

1917. 

1918. 

1919. 

January  

February  

March 

23 
24 
20 
22 
16 

11 
15 
39 
73 
98 
38 
38 

30 
24 
21 
20 
18 
10 
11 
41 
78 
80 
43 
29 

30 

24 
27 
22 
15 
11 
10 
31 
72 
72 
23 
37 

35 

20 
29 
32 
16 
13 
10 
28 
75 
104 
70 
44 

42 
42 
44 
24 
16 
15 
13 
49 
72 
105 
67 
44 

43 
32 
34 
29 
24 
22 
17 
39 
78 
100 
101 
44 

32 

27 
33 
31 
32 
19 
18 
45 
91 
80 
65 
44 

40 
30 
31 

April 

27 

May 

22 

June 

11 

July 

31 

August 

75 

September 

October 

November 

December 

123 

135 

88 

43 

Totals 

416 

405 

375 

475 

533 

561 

517 

654 

Appendix 


187 


YEARLY  SHIPMENTS  OF  STOCKER   AND   FEEDER   SHEEP 

FROM   OMAHA. 

(000  omitted) 


1907. 

1908. 

1909. 

1910. 

1911. 

1912. 

1913. 

Nebraska 

286 

306 

263 

82 

27 

19 

9 

6 

1 

10 

1,010! 

326 
331 

281 
34 

55 
28 
6 
8 
6 
5 
5 
2 
1,087 

316 

294 

198 

22 

66 

18 

4 

19 

8 

7 

7 

2 

960 

571 

551 

279 

96 

116 

3 

18 

20 

9 

18 

8 

4 

1,704 

474 

545 

264 

94 

62 

9 

23 

21 

10 

17 
1,519 

305 

483 

383 

57 

50 

4 

26 

10 

12 

20 
1,350 

304 

715 

275 

52 

35 

33 

19 

3 

Iowa 

Illinois 

Missouri 

Michigan 

Minnesota 

Wisconsin 

Kansas 

Indiana 

South  Dakota 

Ohio 

23 

Other  states 

12 
1,469 

Totals "^ 

YEARLY  SHIPMENTS  OF  STOCKER  AND  FEEDER  SHEEP 

FROM  OMAHA— Continued. 

(000  omitted) 


Nebraska  .    . 

Iowa 

Illinois  .   .   .    , 
Missouri  .   .   . 
Michigan  .    . 
Minnesota  .   . 
Wisconsin  .   . 
Kansas  .   .   . 
Indiana  .   .    . 
South  Dakota 

Ohio 

Other  states  . 


1914. 


328 

434 

81 

47 

14 

26 

5 

3 

12 

17 


1915.  1916.  1917. 


Totals  . 1      967? 


273 

443 

130 

56 

67 

6 

10 

4 

11 

67 


389 

479 

70 

37 

7 

12 

3 

7 

14 


1918. 


555 

538 

98 

42 

8 

22 

6 

4 

20 


463 

711 

207 

54 

8 

53 

9 

7 

38| 

15 


1919. 


638 
744 
140 
85 
23 
22 
11 
14 

57 

25 


1,067|  1.0261  1,302|  1,566|  1,757 


188 


Agricultural  Prices 


MONTHLY  SHIPMENTS  OF  STOCKER  AND  FEEDER  SHEEP 

FROM   OMAHA. 

(000  omitted) 


1907. 

1908. 

1909. 

1910. 

1911. 

1912. 

1913. 

January = 

February  

17 

42 

79 

88 

16 

7 

18 

69 

250 

298 

120 

28 

17 

38 

51 

72 

42 

16 

19 

87 

331 

221 

140 

53 

25 

30 

49 

23 

4 

12 

22 

110 

237 

315 

100 

34 

18 

18 

37 

32 

25 

19 

82 

227 

479 

483 

255 

28 

29 

34 

46 

33 

12 

14 

30 

180 

443 

470 

198 

31 

26 

23 

94 

94 

21 

12 

29 

132 

273 

425 

154 

56 

43 

42 

March 

47 

April 

43 

Mav 

12 

June 

2 

July 

28 

August 

122 

September 

504 

October 

465 

November 

120 

December 

40 

Totals 

1,010 

1,087 

960 

1,704 

1,519 

1,350 

1,469 

MONTHLY  SHIPMENTS  OF  STOCKER  AND  FEEDER  SHEEP 

FROM  OMAHA— Continued. 

(000  omitted) 


1914, 

1915. 

1916. 

1917. 

1918. 

1919. 

January  

35 
32 
26 
20 
5 
5 

81 

118 

302 

317 

52 

25 

25 

18 

5 

4 

1 

10 

42 

148 

378 

274 

122 

39 

16 

23 

13 

7 

1 

14 

26 

170 

327 

302 

91 

30 

18 

18 

11 

7 

3 

10 

46 

174 

409 

357 

150 

97 

31 

30 

28 

28 

14 

17 

58 

256 

545 

419 

89 

51 

41 

February  

23 

March 

27 

April 

27 

Mav 

18 

June 

28 

July 

143 

August 

433 

September 

605 

October 

248 

November 

78 

December 

80 

Totals r 

967 

1,067 

1,026 

1,302 

1.566 

1,757 

Appendix 


189 


SHIPMENTS  OF  FEEDERS  FROM  KANSAS  CITY. 

(000  omitted) 


1903. 

1904.  f  1905.  1906. 

1907. 

1908. 

1909. 

1910. 

1911. 

1912. 

Jan.  .  .  . 

57 

36 

50 

35 

Feb. 

44 

25 

47 

35 

Mar. 

45 

47 

45 

25 

Apr. 

33 

27 

34 

33 

May 

30 

26 

28 

23 

June 

30 

26 

35 

16 

July 

34 

32 

48 

23 

Aug. 

67 

73 

62 

74 

Sep. 

108 

107 

77 

117 

Oct. 

120 

115 

127 

162 

Nov, 

86 

87 

87 

76 

Dec. 

54 

54 

35 

63 

Totals 

1     1 

1      1   708 

655 

675 

682 

SHIPMENTS  OF  FEEDERS  FROM  KANSAS  CITY— Continued. 
(000  omitted) 


1913. 

1914. 

1915. 

1916. 

1917. 

1918. 

1919. 

1920. 

1921. 

1922. 

Jan.  .  .  . 

58 

72 

53 

56 

62 

41 

86 

Feb. 

46 

45 

32 

54 

51 

54 

66 

Mar. 

46 

47 

50 

56 

49 

65 

62 

Apr. 

34 

47 

54 

41 

54 

59 

84 

May 

28 

28 

33 

46 

49 

62 

60 

June 

28 

27 

24 

40 

55 

42 

50 

July 

56 

39 

29 

42 

63 

60 

41 

Aug. 

139 

55 

56 

113 

94 

120 

92 

Sep. 

172 

314 

134 

123 

132 

159 

127 

Oct. 

361 

152 

186 

178 

131 

175 

167 

Nov. 

91 

84 

161 

101 

143 

141 

121 

Dec. 

54 

69 

88 

42 

66 

76 

70 

Totals 

913 

779 

9001   892 

949 

1,054 

1,026 

Jan. 

Feb. 

Mar. 

Apr. 

May 

June 

July 

Aug. 

Sep. 

Oct. 

Nov. 

Dec. 

Totals 

190 


Agricultural  Prices 


BUREAU  OF  MARKETS  REPORTS  ON   LIVE  STOCK   MOVEMENTS. 

(000  omitted) 


Hog  receipts  at  54   markets 
Shipments    of     stocker    and 
feeder  hogs  from   16   mar- 
kets   

Cattle  receipts  at  54  markets 
Shipments     of    stocker    and 
feeder  cattle  from  35  mar- 
kets   


Sheep  receipts  at  54  markets    20,434  18,671  21,720 


1916.  i  i;)17.  I  1918. 


43,11 


44,534 


142 
17,553 


3,843 


640 
22,210 


4,705 


683 
24,977 


4,688 


1919. 


43,780 


617 
24,313 


4,900 
25,862 


1920.    1921.    1922 


At  this  date,  in  early  1920,  the  Bureau  of  Markets  is  reporting  for 
about  69  markets.  Hog  receipts  as  given  are  97  per  cent  of  receipts  at  69 
markets;  cattle,  98  per  cent;  sheep,  95  per  cent,  stocker  and  feeder  cattle, 
93  per  cent;  stocker  hogs,  69  per  cent. 


^ARGENTINE  WHEAT  PRICE. 

(Per  bushel) 


1910. 

1911. 

1912. 

1913. 

1914. 

1915. 

1916. 

1917. 

1918. 

1919. 

January  

1.13 

$ 

.92 

.91 

.88 

.88 

.     91 

.90 

.92 

.97 

1.06 

1.06 

1.04 

1.12 

$ 

1.02 

.97 

.95 

$ 

.89 
.89 
.91 

$ 
1.00 
1.00 
.99 
.97 
1.01 
1.03 
1.06 
1.07 
1.09 
1.06 
1.12 
1.13 

$ 
1.24 
1.42 
1.40 
1.43 
1.50 
1.28 
1.44 
1.45 
1.44 
1.38 
1.30 
1.16 

$ 

1.08 

1.08 

.99 

.95 

.87 

.85 

.86 

1.11 

1.21 

1.46 

1.68 

1.42 

$ 
1.60 
1.60 
1.66 
1.71 
2.00 
2.18 
2.20 
2.05 
1.90 
1.89 
1.82 
1.37 

$ 
1.44 
1.48 
1.52 
1.52 
1.47 
1.46 
1.35 
1.28 
1.26 
1.28 

$ 

February     

March 

1.07 
1  07 

1.26 

April 

1  01 

.931   1.04 

1.26 

May 

June 

.91 
83 

.89 
.91 
.90 
.91 
.89 
.91 
.86 
.90 

1.03 
1.04 
1.04 
1.06 
1.08 
1.02 
1.07 
1.03 

July 

1  18 

August 

September 

October 

.97 
.91 
.92 

1.92 
1.92 
1  68 

November 

December 

.89 
.86 

1.70 

'ARGENTINE  CORN  PRICE. 

(Per  bushel) 


1910. 

1911.|1912.|1913. 

1914. 

1915. 

1916. 

1917. 

1918. 

1919. 

January  

69 

$ 

.56 
.55 
.53 
.60 
.70 
.75 
.87 
.95 
1.01 
.99 
.95 
.98 

$ 
1.04 
.94 
.63 
.58 
.52 
.50 
.49 
.50 
.48 
.491 
.49 
.57 

$ 

.52 

.51 

.52 

.52 

.54 

.53 

.51 

.54 

.60 

.58 

.59 

.58 

$ 

.55 

.55 

.56 

.52 

.57 

.54 

.56 

.53 

.50 

.45 

.50 

.50 

$ 

.52 

.58 

.56 

.59 

.53 

.49 

.49 

.49 

.48 

.50 

.52 

.50 

.55 
.58 
.53 
.49 
.42 
.40 
.44 
.50 
.52 
.67 
1.05 
.87 

$ 

1.01 

1.00 

.94 

.99 

1.21 

1.38 

1.37 

1.40 

.93 

.85 

.86 

.77 

$ 

.70 
.71 
.69 

.55 
.73 
.70 

.56 

February     

March 

.68 
.66 

.56 
.49 

April 

.62 

54 

May 

.57 

June 

.48 

July 

51 

August 

.52 

1.13 

September 

October 

.51 
.49 

1.03 
.85 

November 

December 

.48 
.61 

.85 

♦Prices  for  both  wheat  and  corn  are  taken  from  the  Year  Books  of 
the  Rosario  Board  of  Trade.  Rosario  is  the  Chicago  of  Argentina.  The 
Argentine  unit  of  weight,  the  quintal,  is  taken  as  equivalent  to  3.67  bushels 
of  wheat  and  3.936  bushels  of  corn.  The  Argentine  dollar  is  taken  as 
equivalent  to  42.6  cents.  After  July  of  1918,  prices  are  taken  from  the 
International  Institute  of  Agriculture. 


Appendix 


191 


EXPORTS  OF  PORK  AND  PORK  PRODUCTS  FROM  THE  UNITED 
STATES— IN    POUNDS. 

(000,000  omitted) 


1 
1903. 

1904. 

1905. 

1906. 

1907. 

1908. 

1909. 

1910. 

1911. 

1912. 

Jan.  .  .  . 

119 

121 

109 

162 

129 

124 

104 

75 

75 

99 

Feb. 

89 

97 

108 

137 

115 

156 

88 

66 

79 

103 

Mar. 

88 

87 

121 

109 

101 

135 

105 

60 

85 

105 

Apr. 

68 

80 

111 

120 

93 

105 

83 

34 

87 

86 

May 

63 

76 

99 

108 

95 

79 

78 

92 

101 

93 

June 

85 

98 

106 

107 

97 

83 

87 

50 

97 

66 

July 

80 

75 

111 

114 

160 

81 

63 

62 

84 

72 

Aug. 

85 

83 

111 

124 

114 

73 

68 

69 

82 

79 

Sep. 

95 

98 

99 

121 

83 

82 

60 

58 

107 

79 

Oct. 

93 

101 

105 

94 

83 

78 

55 

50 

80 

66 

Nov. 

95 

88 

119 

79 

88 

78 

63 

51 

77 

67 

Dec. 

120 

113 

158 

97 

75 

112 

66 

74 

97 

82 

Totals   1  1,080 

1,117 

1,357 

1,372 

1,233 

1,186 

920 

741 

1,051 

996 

EXPORTS  OF  PORK  AND  PORK  PRODUCTS  FROM  THE  UNITED 

STATES— IN  POUNDS— Continued. 

(000,000  omitted) 


1913. 

1914. 

1915. 

1916. 

1917. 

1918. 

1919. 

1920. 

1921. 

1922. 

Jan.  .  .  . 

92 

102 

106 

133 

199 

93 

198 

135 

Feb. 

107 

74 

119 

162 

123 

114 

236 

Mar. 

97 

70 

169 

120 

168 

308 

342 

Apr. 

83 

61 

114 

134 

138 

286 

349 

May 

84 

66 

89 

148 

127 

281 

185 

June 

76 

67 

122 

112 

103 

169 

400 

July 

82 

53 

95 

77 

46 

253 

241 

Aug. 

83 

54 

90 

93 

71 

170 

179 

Sep. 

74 

59 

100 

106 

79 

115 

117 

Oct. 

77 

73 

113 

95 

54 

132 

116 

Nov. 

80 

74 

108 

114 

99 

123 

129 

Dec. 

87 

74 

143 

157 

90 

206 

143 

Totals 

1,021 

828 

1,368 

1,451 

1,298 

2,251 

2,635 

Jan. 

Feb. 

Mar. 

Apr. 

May 

June 

July 

Aug. 

Sep. 

Oct. 

Nov. 

Dec. 

Totals 

192 


Agricultural  Prices 


EXPORTS  OF  WHEAT.* 

(m  bushels— 000,000  omitted) 


1903. 

1904. 

1905. 

1906. 

1907. 

1908. 

1909. 

1910. 

1911. 

1912. 

Jan.  .  .  . 

16 

12 

3 

10 

11 

lit 

S 

5 

7 

6 

Feb. 

12 

8 

3 

9 

9 

13 

6 

3 

5 

5 

Mar. 

12 

7 

3 

7 

9 

9 

5 

4 

6 

6 

Apr. 

15 

5 

3 

7 

11 

8 

4 

5 

5 

5 

May 

15 

4 

4 

7 

13 

9 

5 

5 

6 

4 

June 

12 

4 

3 

6 

11 

9 

3 

3 

4 

3 

July 

10 

3 

2 

7 

7 

8 

4 

3 

6 

3 

Aug. 

12 

4 

4 

13 

10 

17 

9 

5 

10 

9 

Sep. 

15 

4 

7 

18 

15 

18 

12 

6 

11 

17 

Oct. 

16 

5 

11 

17 

20 

18 

14 

7 

9 

21 

Nov. 

13 

5 

12 

14 

21 

12 

13 

7 

7 

16 

Dec. 

15 

4 

16 

13 

23 

11 

9 

8 

8 

15 

*Flour  exports  converted  into  wheat  at  the  rate  of  four  and  one-half 
bushels  of  wheat  to  a  barrel. 


EXPORTS  OP  WHEAT— Continued.* 
(In  bushels— 000,000  omitted) 


1913. 

1914. 

1915. 

1916. 

1917. 

1918. 

1919. 

1920. 

1921. 

1922. 

Jan.  .  .  . 

13 

10 

32 

21 

24 

12 

22 

Feb. 

9 

8 

31 

21 

14 

10 

16 

Mar. 

9 

7 

28 

24 

12 

12 

20 

Apr. 

11 

7 

29 

22 

19 

12 

31 

May 

11 

11 

20 

21 

16 

11 

26 

June 

9 

11 

13 

12 

21 

11 

33 

July 

13 

30 

12 

11 

8 

11 

14 

Aug. 

28 

28 

20 

15 

10 

19 

19 

Sep. 

18 

31 

26 

18 

7 

28 

25 

Oct. 

13 

26 

24 

16 

11 

25 

21 

Nov. 

10 

26 

19 

19 

11 

22 

23 

Dec. 

11 

37 

20 

19 

15 

34 

15 

*Flour  exports  converted  into  wheat  at  the  rate  of  four  and  one-half 
bushels  of  wheat  to  a  barrel. 


Jan. 

1 

Feb. 

Mar. 

Apr. 

May 

1 
1 

June 

July 

Aug. 

Sep. 

Oct. 

Nov. 

Dec. 

Totals   1 

Appendix 


193 


EXPORTS  OF  CORN. 

(In  bushels— 000  omitted) 


1903. 

1904. 

1905. 

1906. 

1907. 

1908. 

1909. 

1910.  1911. 

1912. 

Jan.    .  . 

11,026 

5,059116,440  27,257 

9,151 

6,441 

6,216 

6,105 

9,947 

7,646 

Feb. 

13,070 

6,842114,214 

17,795 

11,446 

9,519 

5,342 

4,547 

11,033 

7,022 

Mar. 

15,644 

7,879 

14,617 

12,870 

12,277 

4,507 

4,856 

5,229 

9,773 

5,267 

Apr. 

10,302 

3,139 

12,275 

8,932 

9,656 

2,476 

4,900 

3,628 

5,374 

1,815 

Mav 

5,973 

1,388 

6,546 

5,034 

7,446 

1,153 

1,110 

2,131 

3,715 

830 

June 

5,903 

1,738 

4,431 

2,648 

5,553 

737 

685 

1,997 

4,650 

687 

July 

5,185 

2,086 

4,113 

3,173 

7,305 

430 

739 

2,181 

2,410 

747 

Aug. 

3,180 

3,088 

4,844 

3.185 

4,970 

391 

810 

2,390 

1,314 

561 

Sep, 

3,707 

3,304 

5,711 

3,388 

2,892 

523 

1,019 

3,607 

3,778 

829 

Oct. 

7,136 

2,563 

4,028 

6,036 

3,770 

1,795 

2,200 

3,587 

2,934 

1,154 

Nov. 

5,984 

1,325 

5,861  4,837 

4,131 

3,154 

2,351 

2,018 

1,229 

1,102 

Dec. 

4,623 

8,098 

18,373  7,093|  4,545 

6,453 

5,930 

5,206 

5,043 

3,274 

EXPORTS  OF  CORN— Continued. 
(In  bushels— 000  omitted) 


1913. 

1914.  1915. 

1916.  1917. 

1918. 

1919. 

1920. 

1921. 

1922. 

Jan.  .  .  .111,317 

1,148  5,224 

3,498  7,253 

1,953 

1,177 

Feb. 

12,307 

928  7,855 

5,151  6,597 

3,203 

976 

Mar. 

10,109 

1,170  8,815 

4,837 

10,834 

7,658 

683 

Apr. 

5,596 

709  9,105 

5,107 

6,463 

8,645 

699 

May 

1,252 

538  3.735 

5,536 

4,838 

3.793 

878 

June 

743 

926  3,845 

4,811 

3,720 

3,279 

910 

July 

926 

560  2,161 

5,483 

3,146 

2,009 

588 

Aug. 

709 

491 

959 

6,700 

2,670 

1,850 

816 

Sep. 

670 

1,152 

888 

3,760 

980 

2,496 

1,210 

Oct. 

404 

1,052 

1,019 

3,886 

1,602 

2,335 

868 

Nov. 

444 

2,153!  1,642 

2,290 

1,622 

1,700 

962 

Dec. 

773 

4,781  2,790 

2,891|  2,445)   991 

1,525 

1              1     1 

Jan.  . 

•1     1     1     1     1     1     1 

Feb,  . 

Mar.  . 

Apr.  . 

May 

June  . 

July  . 

•1     1     1     1     1     1     1 

Aug.  . 

Sep.  . 

Oct.  , 

Nov.  . 

Dec.  . 

Totals   1     1     1     1     1     1     1 

194 


Agricultural  Prices 


IOWA  CORN  PRICES. 
(Prices  on  farms  or  nearest  shipping  point,  first  of  each  month.) 


1910. 

1911. 

1912. 

1913. 

1914. 

1915. 

1916. 

1917. 

1918. 

1919. 

Ten- 
yr. 

January  .    . 
February     . 
March   .    ,    . 
April     .    .    . 
May  .... 
June  .... 
July    .... 
August  .   .    . 
September  . 
October    .    . 
November   . 
December   .    . 

$ 

.51 

.54 

.52 

.51 

.48 

.50 

.53 

.55 

.56 

.49 

.39 

.36 

$ 

.36 

.37 

.37 

.38 

.41 

.44 

.49 

.56 

.56 

.57 

.57 

.53 

$ 

.52 

.55 

.56 

.61 

.69 

.70 

.67 

.65 

.67 

.61 

.50 

.35 

$ 

.36 
.38 
.     39 
.41 
.45 
.50 
.52 
.54 
.66 
.66 
.60 
.60 

$ 

.58 

.56 

.56 

.59 

.59 

.63 

.63 

.64 

.72 

.69 

.61 

.55 

$ 

.57 

.66 

.65 

.64 

.68 

.68 

.69 

.71 

.71 

.66 

.59 

.51 

$ 

.57 

.62 

.61 

.65 

.66 

.68 

.69 

.73 

.77 

.76 

.78 

.80 

$ 

.80 
.88 
.92 
1.11 
1.40 
1.46 
1.56 
2.02 
1.65 
1.70 
1.36 
1.08 

$ 
1.21 
1.21 
1.34 
1.36 
1.40 
1.35 
1.37 
1.47 
1.50 
1.38 
1.15 
1.22 

$ 

1.36 
1.25 
1.22 
1.40 
1.54 
1.63 
1.66 
1.84 
1.69 
1.32 
1.11 
1.20 

av. 

.684 
.702 
.714 
.766 
.830 
.857 
.881 
.971 
.949 
.884 
.766 
.720 

Yearly   ave 

'. 

.4951   .467 

.5901  .5061  .6121   .646|  .693 

1.328 

1.330 

1.435 

.810 

IOWA  OATS  PRICES. 

(Prices  on  farms  or  nearest  shipping  point,  first  of  each  month.) 


Ten- 

1910. 

1911. 

1912. 

1913. 

1914. 

1915. 

1916. 

1917. 

1918. 

1919. 

yr. 
av. 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

January  .    .    .    . 

.38 

.27 

.41 

.28 

.35 

.43 

.36 

.46 

.71 

.64 

.429 

February     .    .    . 

.41 

.27 

.44 

.28 

.34 

.48 

.43 

.51 

.76 

.54 

.446 

March 

.41 

.26 

.45 

.28 

.34 

.50 

.39 

.51 

.83 

.54 

.451 

April 

.41 

.26 

.47 

.29 

.34 

.51 

.38 

.56 

.84 

.58 

.464 

May 

.37 

.27 

.51 

.30 

.34 

.50 

.38 

.63 

.82 

.64 

.476 

June 

.37 

.29 

.48 

.32 

.35 

.48 

.37 

.61 

.69 

.62 

.458 

July 

.36 

.35 

.46 

.34 

.34 

.42 

.36 

.62 

.71 

.65 

.461 

August 

.35 

.35 

.33 

.34 

.31 

.43 

.35 

.68 

.67 

.70 

.451 

September  .   .   . 

.29 

.36 

.26 

•  .36 

.39 

.     32 

.39 

.51 

.62 

.63 

.413 

October    .    .    .    . 

.28 

.39 

.27 

.36 

.40 

.30 

.41 

.54 

.64 

.60 

.419 

November  .    .    . 

.27 

.41 

.28 

.34 

.39 

.31 

.45 

.54 

.62 

.61 

.422 

December   .    .    . 

.27 

.41 

.27 

.34 

.41 

.32 

.48 

.63 

.64 

.64 

.441 

Yearly   aver. 

.348 

.324 

.386 

.319 

.359 

.417 

.396 

.567 

.713 

.616 

.444 

IOWA   HOG   PRICES. 
(Prices  ou  farms  or  nearest  shipping  point,  fifteenth  of  each  month.) 


Ten- 

1910. 

1911. 

1912. 

1913. 

1914. 

1915. 

1916. 

1917. 

1918. 

1919. 

yr. 
av. 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

January  .    .    .    . 

7.80 

7.50 

5.60 

6.90 

7.70 

6.40 

6.20 

9.80 

15.60 

16.40 

8.99 

February     .    .    . 

8.10 

6.90 

5.70 

7.50 

8.00 

6.20 

7.50 

11.40 

15.30 

16.50 

9.31 

March 

9.60 

6.40 

0.00 

8.10 

8.10 

6.20 

9.00 

13.80 

16.20 

17.40 

10.08 

April 

9.50 

5.80 

7.20 

8.50 

8.10 

6.50 

9.00 

15.30 

16.40 

18.70 

10.50 

May 

8.60 

5.40 

7.10 

7.70 

7.80 

6.90 

9.10 

15.10 

16.60 

19.50 

10.38 

June 

8.80|  5.40 

6.90 

8.00 

7.50 

7.00 

8.80I14.S0 

15.80 

19.30 

10.23 

July 

8.20 

5.90 

6.90 

8.30 

8.00 

6.90 

9.10|14.50 

16.30 

20.80 

10.49 

August 

7.60 

6.90 

7.60 

7.90 

8.50 

6.40 

9.30  15.70 

18.00 

20.10 

10.80 

September  .   .   . 

8.40 

6.60 

7.80 

7.70 

8.30 

6.70 

9.90  16.90 

18.40 

15.50 

10.62 

October    .    .    .    . 

7.90 

5.90 

8.20 

7.60 

7.20 

7.40 

9.00 

16.90 

17.00 

13.40 

10.05 

November   .    .    . 

7.30 

5.70 

7.20 

7.30 

6.80 

6.10 

9.10 

15.80!l6.40 

13.50 

9.52 

December   .    .    . 

6.90 

5.60 

7.00 

7.10 

6.50 

5.80 

9.00 

16.20|16.40 

12.30 

9.28 

Yearly   aver. 

1  8.23 

6.17 

6.94 

7.72 

7.71 

6.54 

8.75 

14.68|16.53 

16.95 

10.02 

Appendix 


195 


IOWA   BEEF  CATTLE  PRICES. 

(Prices  on  farms  or  nearest  shipping  point,  fifteenth  of  each  month.) 


1910. 1911. 1912. 

1 

1913. 

1914. 

1915.  1916. 1917. 1918. 

Ten- 
1919.    yr. 
av. 

January  .    .    .    , 
February     .    .    . 

March 

April 

May 

$ 
5.40 
5.00 
5.80 
6.20 
5  90 

$    1     $ 
5.101  5.40 
5.00    5.40 
5.00    5.60 
5.10    6.00 
4.90    6.20 
4.90    6.20 
4.80    6.50 
5.20    6.80 
5.00    6.80 
5.10    6.80 
5.10    6.40 
5.20    6.70 

$ 

6.50 
6.80 
7.10 
7.40 
7.10 
7.10 
7.20 
7.00 
7.20 
7.10 
7.10 
6.90 

$ 
7.00 
7.30 
7.40 
7.40 
7.30 
7.40 
7.70 
7.80 
7.70 
7.40 
7.00 
6.90 

$ 
6.70 
6.50 
6.50 
6.60 
7.00 
7.30 
7.80 
7.40 
7.10 
7.20 
6.80 
6.70 

S         $         $         $ 
6.90    8.20    9.90  12.40 
7.201   8.90  10.30  12.80 
7.60    8.70  10.40  13.50 
7.70  10.10  11.90  14.10 
8.00  10.20  12.70113. fiO 

7.35 
7.52 
7.76 
8.25 
8.29 

June 

5.60 

8.50  10.30 
8.20  10.20 
7.80  10.20 
8.10  10.60 
7.80  10.40 
7.80  10.10 
7.90!  9.70 

12.60lll.90 
12.80  12.30 
12.30  12.60 
12.90|11.80 
11.90  10.10 
11.9011.50 
11.70  11.60 

8.18 

July 

August 

September  .    .   . 
October    .... 
November  .    .    . 
December   .    .    . 

5.30 
5.10 
5.20 
5.00 
4.90 
4.70 

8.28 
8.22 
8.24 
7.88 
7.86 
7.80 

Yearly   aver. 

5.341  5.04i  6.24!  7.04 

7.36 

6.97|  7.79!  9.80|11.77|12.35|  7.97 

IOWA  WOOL  PRICES, 
(Prices  on  farms  or  nearest  shipping  point,  fifteenth  of  each  month.) 


Ten- 

1910. 

1911. 

1912. 

1913. 

1914. 

1915. 

1916. 

1917. 

1918. 

1919. 

yr. 
av. 

$ 

? 

$ 

% 

$ 

$ 

$ 

$ 

$ 

$ 

January   .    .    .    . 

.26 

.19 

.17 

.19 

.17 

.18 

.24 

.30 

.59 

.59 

.288 

February     .    .    . 

.26 

.19 

.18 

.19 

.17 

.19 

.27 

.30 

.60 

.53 

.288 

March 

.26 

.19 

.18 

.20 

.17 

.22 

.26 

.35 

.60 

.51 

.294 

April 

.24 

.18 

.18 

.19 

.17 

.23 

.28 

.39 

.60 

.52    .298 

May 

,24 

.16 

,19 

17 

,18 

.?.?, 

29 

43 

60 

.51    .299 

June 

.20 

.16 

.20 

.17 

.19 

.25 

.31 

.52 

.60 

.49    .309 

July 

.21 

.16 

.20 

.18 

.20 

.25 

.30 

.57 

.61 

.54    .322 

August 

.21 

.17 

.21 

.16 

.20 

.25 

.30 

.56 

.61 

.54    .321 

September  .    .    . 

.20 

.17 

.20 

.17 

.19 

.25 

.30 

.58 

.60 

.52    .318 

October    .    .    .    . 

.19 

.17 

.20 

.17 

.19 

.     26 

.30 

.56 

.59 

.50    .313 

November   .    .    . 

.19 

.17 

.19 

.18 

.18 

.24 

.30 

.55 

.61 

.52    .313 

December   .    .    . 

.19 

.17 

.20 

.18 

.18 

.24 

.29 

.57 

.58 

.511  .311 

Yearly   aver. 

.221 

.174 

.192 

.179 

.183 

.232 

.287 

.474 

.599 

.5251  .307 

IOWA  BRAN   PRICES. 
(Prices  on  farms  or  nearest  shipping  point,  fifteenth  of  each  month.) 


1910.1011.11912, 


I  I  I  I  Ten- 

1913.  1914.|l915.|l916.  1917.11918.  1919.    yr. 

1         I         I  I  av. 


January  . 
February 
March 
April 
May  . 
June  . 
July    . 
August 
September 
October    . 
November 
December 


,(24 
,125 
,126 
,|25 
,123 


30l24. 
80124, 
50124, 
60123. 
90'24. 
70125, 
50125 
20I25, 
80124 
50|25, 
10125 
.90125 


10125.80 
60 
80 
20 


20126, 
80  25 
4025, 
80124 
90124 


6022 
IOI22 
30123 
10123 
00124 
00|24 
30124 
10124 


10124, 
60125, 
60125, 
90127, 
50126. 
70126, 
00124, 
30125, 
,40125 
70|25, 
,70124 
,20125 


90l26, 
30!27, 
90126, 
00!26, 
30126. 
00125, 
40125, 
00!25, 
80125 
10|24, 
90123 
20I23 


40|24, 
OOI24, 
90i24, 
70124, 
70124, 
60|24, 
80I24, 
5024, 
10125 
10125, 
30129 
00130 


50131, 
70133, 
40  38, 


3039, 

loko, 

OOI4I, 


50'39 
20138 
50141 
00138 
8037 
25137 
00140 


90141 
00138 
5036 
6OI37 
50136 
70136 


9046. 
40I47, 
80'47, 
30145, 
40147, 
80145, 
8OI45. 
30l46, 
70147. 
00143, 
30'45, 
60146, 


80129.31 
0029.89 
00'30.69 
2030.63 
00130.79 
7030.25 
50129.95 
90130.00 
50129.66 
80|29.20 
5029.56 
80130.04 


Yearly    aver.    I24.56|24.86|26.41|23.74|25.48|25.51|25.45|38.30|39.46|46.22|30.00 


196 


Agricultural  Prices 


ILLINOIS  CORN   PRICES. 
(Prices  on  faniis  or  nearest  shipping  point,  first  of  each  month.) 


Ten- 

1910. 

1911. 

1912. 

1913. 

1914. 

1915. 

1916. 

1917. 

1918. 

1919. 

yr. 
av. 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

January  ,    .    .    . 

.55 

.39 

.55 

.41 

.64 

.64 

.62 

.84 

1.16 

1.34 

.714 

February     .    .    . 

.59 

.40 

.59 

.45 

.60 

.70 

.65 

.92 

1.25 

1.20 

.735 

March 

.59 

.40 

.60 

.46 

.60 

.68 

.65 

.98 

1.36 

1.23 

.755 

April 

.57 

.40 

.65 

.47 

.64 

.69 

.65 

1.09 

1.30 

1.42 

.788 

May 

.54 

.43 

.47 

.74 

.77 

.51 
.55 

.63 
.68 

.74 
.73 

.69 
.69 

1.47 
1.54 

1.33 
1.25 

1.56 
1.67 

.864 

June 

.54 

.889 

July 

.57 

.51 

.73 

.58 

.68 

.72 

.70 

1.60 

1.32 

1.74 

.915 

August 

.58 

.58 

.71 

.61 

.72 

.76 

.76 

2.06 

1.39 

1.89 

1.016 

September  .   .    . 

.57 

.60 

.72 

.73 

.78 

.73 

.80 

1.72 

1.47 

1.84 

.996 

October    .    .    .    . 

.51 

.61 

.66 

.71 

.74 

.68 

.80 

1.80 

1.39 

1.41 

.930 

November  .    .    . 

.43 

.60 

.50 

.64 

.67 

.57 

.84 

1.42 

1.18 

1.24 

.809 

December  .    .    . 

.38 

.55 

.41 

.63 

.61 

.54 

.84 

1.10 

1.20 

1.30 

.756 

Yearly   aver. 

1  .535 

.495 

.636 

.563 

.666 

.681 

.72411.378 

1.30011.487 

.847 

ILLINOIS  OATS   PRICES. 

(Prices  on  farms  or  nearest  shipping  point,  first  of  each  month.) 


Ten- 

1910. 1911. 

1912. 

1913. 

1914. 

1915. 

1916. 

1917. 

1918. 

1919. 

yr. 

av. 

$         $ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

January  .    ,    .    . 

.41 

.29 

.43 

.30 

.37 

.45 

.38 

.49 

.72 

.67 

.45 

February     .    .    . 

.44 

.30 

.45 

.31 

.37 

.52 

.46 

.53 

.77 

.56 

,47 

March 

.45 

.29 

.48 

.32 

.37 

.52 

.40 

.54 

.86 

.56 

.48 

April 

.43 

.29 

.51 

.31 

.38 

.55 

.39 

.60 

.86 

.61 

.49 

May 

.41 

.30 
.31 

.54 
.52 

.31 
.35 

.37 
.38 

.54 
.50 

.41 
.39 

.67 
.61 

.83 

.71 

.67 
.66 

.51 

June 

.40 

.48 

July 

.39 

.38 

.49 

.37 

.36 

.44 

.37 

.62 

.71 

.66 

.48 

August 

1     .36 

.36 

.34 

.37 

.35 

.40 

.36 

.68 

.66 

.74 

.46 

September  .    .    . 

.31 

.39 

.30 

.39 

.42 

.33 

.40 

.51 

.66 

.68 

.44 

October    .    .    .    . 

.30 

.41 

.30 

.39 

.43 

.31 

.41 

.56 

.67 

.64 

.44 

November   .    .    . 

.31 

.42 

.30 

.37 

.44 

.33 

.48 

.56 

.63 

.63 

.45 

December   .    .    . 

.30 

.42 

.30 

.38 

.44 

.35 

.51 

.65 

.67 

.70 

.47 

Yearly   aver. 

.3761  .347 

.414 

.348 

.390 

.437 

.414 

.585 

.729 

.701 

.47 

ILLINOIS   HOG   PRICES. 

(Prices  on  farms  or  nearest  shipping  point,  fifteenth  of  each  month.) 


Ten- 

1910. 

1 

1911. 

1912. 

1913. 

1914. 

1915. 

1916. 

1917. 

1918. 

1919. 

yr. 
av. 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

1 

January  .    .    .    . 

8.10 

7.40 

5.80 

6.90 

7.70 

6.40 

6.40 

9.80 

15.60 

16.20 

9.03 

February     .    .    . 

8.20 

7.00 

5. SO 

7.50 

8.10 

6.20 

7.40|11.30 

15.30 

16.30 

9.31 

March 

9.50 

6.50 

6.00 

8.10 

8.10 

6.30 

8.90 

13.70 

16.30 

17.00 

10.04 

April 

9.70 

6.00 

7.10 

8.50 

8.10 

6.60 

8.80 

14.90 

16.40 

18.40 

10.45 

May 

8.90 

6.50 

7.10 

7.80 

7.80    7.00 

8.90 

14.80 

16.60 

19.10 

10.35 

June 

8.70 

5.50 

6.90 

8.00 

7.50 

7.00 

8.80 

14.60 

16.00 

19.00 

10.20 

July 

8.40 

6.00    6.90 

8.30 

8.10 

7.10 

9.00 

14.50 

16.20 

20.50 

10.50 

August 

7.90 

6.80    7.50 

8.20 

8.80 

6.80 

9.40 

15.70 

17.80 

20.40 

10.93 

September  .    .    . 

8.70 

6.70 

8.00 

8.10 

8.40 

7.10 

10.00 

16.90 

18.50 

16.10 

10.85 

October    .    .    .    . 

8.30 

6.00 

8.30 

7.90 

7.40 

7.50 

9.10 

17.00 

17.10 

13.60 

10.22 

November  .    .    . 

7.50 

5.70 

7.20 

7.30 

7.00 

6.30 

9.10 

15.80 

16.30 

13.40 

9.56 

December  .    .    , 

7.00 

5.70 

7.00 

7.10 

6.60 

6.00 

9.10 

16.20 

16.30 

12.20 
i6.85 

9.32 

Yearly   aver. 

8.41 

6.24 

6.97 

7.81 

7.80 

6.69 

8.74|14.60|16.53 

10.07 

Appendix 


197 


ILLINOIS  BEEF  CATTLE  PRICES. 

(Prices  on  farms  or  nearest  shipping  point,  fifteenth  of  each  month.) 


Ten- 

1910. 

1911. 

1912. 

1913. 

1914. 

1915. 

1916. 

1917. 

1918. 

1919. 

yr. 

av. 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

January  .    .    .    . 

4.40 

4.90 

5.10 

6.10 

6.80 

6.50 

6.50 

7.90 

9.50 

11.70 

6.94 

February     .    .    . 

5.10 

4.90 

5.10 

6.30 

7.00 

6.40 

6.50 

8.50 

9.50 

11.70 

7.10 

March 

5.00 

5.00 

5.30 

6.80 

7.00 

6.40 

7.10 

9.00 

10.10 

12.10 

7.38 

April 

5.50 

5.00 

5.60 

6.  SO 

7.00 

6.50 

7.40 

9.60!12.00|12.50 

7.79 

May 

5.70 

4.80 

6.00 

6.50 

7.10 

6.70 

7.50 

9.60  11.70  12.50 

7.81 

June 

5.40 

4.80 

6.10 

6.80 

7.00 

7.00 

7.80 

9.60  11.90'11.40 

7.78 

July 

5.20 

4.90 

6.40 

6.70 

7.00 

7.20 

7.80 

9.40'11.70  11.90 

7.82 

August 

5.00 

5.20 

6.30 

6.70 

7.50 

7.10 

7.70    9.40  11.30  11.80 

7.80 

September  .   .   . 

5.20 

5.10 

6.50 

6.70 

7.40 

7.00 

8.00110.40  11.70  10.20 

7.82 

October    .    .    .    . 

5.10 

4.80 

6.40 

6.80 

7.20 

7.00 

7.40  10.10  11.00  10.00 

7.58 

November  .    .    . 

4.90 

5.10 

6.10 

6.60 

7.10 

6.50 

7.50    9.40110.50  10.00 

7.37 

December   .    .    . 

4.80 

5.00 

6.10 

6.50 

6.80 

6.50 

7.50]  9.70;il.30, 10.10 

7.43 

Yearly   aver. 

5.11 

4.96 

5.92 

6.61 

7.08 

6.74 

7.391  9.39ill.01|11.32 

7.55 

ILLINOIS  WOOL  PRICES. 

(Prices  on  farms  or  nearest  shipping  point,  fifteenth  of  each  month.) 


Ten- 

1910. 

1911. 

1912. 

1913. 

1914. 

1915. 

1916. 

1917. 

1918. 

1919.    yr. 
av. 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

January   .    .    .    . 

.29 

■    .20 

.17 

.21 

.16 

.20 

.26 

.32 

.58 

.59 

.298 

February     .    .    . 

.28 

.20 

.18 

.21 

.17 

.21 

.26 

.32 

.59 

.60 

.302 

March 

.27 

.19 

.18 

.21 

.17 

.21 

.28 

.35 

.60 

.56 

.302 

April 

.24 

.18 

.18 

.20 

.17 

.22 

.27 

.37 

.60 

.56 

.299 

May 

.26 

.16 
.17 

.20 
.20 

.17 
.17 

.18 
.20 

.24 
.26 

.30 
.32 

.44 
.53 

.61 
.61 

.44 
.50 

300 

June 

.22 

.318 

July 

.21 

.17 

.20 

.17 

.20 

.27 

.32 

.56 

.62 

.53 

.325 

August 

.23 

.17 

.20 

.17 

.20 

.27 

.31 

.57 

.62 

.54 

.328 

September  .   .    . 

.20 

.18 

.21 

.18 

.20 

.28 

.31 

.55 

.61 

.50 

.322 

October    .    .    .    . 

.20 

.17 

.20 

.17 

.20 

.27 

.32 

.58 

.62 

.51 

.324 

November  .    .    . 

.20 

.17 

.20 

.16 

.19 

.26 

.31 

.58 

.62 

.51 

.320 

December   .    .    . 

.21 

.17 

.21 

.17 

.20 

.26|     .32 

.60 

.61 

.53 

.328 

Yearly    aver. 

1   .234|   .178 

1   .194 

1  .183 

1  .187 

1   .246|  299 

.481 

.608 

.531    .314 

The  price  of  44  cents  in  May  of  1919  is  probably  a  mistake,  altho  it  is 
the  price  as  reported  by  the  Bureau  of  Crop  Estimates. 


ILLINOIS  BRAN   PRICES. 
(Prices  on  farms  or  nearest  shipping  point,  fifteenth  of  each  month.) 


1910.11911.1912. 


1913, 


1914.  1915.|1916. 

I 


1917. 


1918. 


1919. 


Ten- 
yr. 
av. 


January  .  .  . 
February  .  . 
March  .... 
April     .... 

May 

June 

July 

August 

September  .  . 
October  .  .  . 
November  .  . 
December  .  . 
Yearly   aver. 


123.90123 

126.20123 
25.60124 
25.70'23 
25.30124 


24.90 

24.40 

23.50 

23.20 

22.20124 

22.80124 

22.80125 


30|25.S0 
80|27.70| 
0027.00! 
80i27.SO' 
20127.80' 
10|26.90i 
00125.801 
3025.40 
9025.40! 
60125.50 
.80124.50 
4024.50 


$    I     $ 


24.10  25, 
24.10  26, 
23.60126. 
23.3027. 
23.50126, 
23.1026, 
23.00124, 
23.5026, 
25.7026, 
25.30'25, 
25.20125 
25.00124, 


00127, 
70127, 
50' 25 
20125 
00125 
00124 
60'24 
20124 
80124 


70125.10 
2025.00 
90124.30 
20I24.4O 
80!24.60 


24.40 
24.00 
24.60 
70126.00 
70'26.80 
9030.50 
30'31.40 


$ 
31.90 
34.40 
37.70 
41.20 
43.60 
38.30 
40.00 
41.90 
37.00 
36.30 
38.00 
41.50 


40.50 
40.80 


42.7046 


42.40 
42.20 
42.90 
40.00 
37.50 
38.90 
37.00 
38.00 
38.40 


24.11124.08|26.07|24.10|25.88|25.99|25.92|38.48|40.11  47.47130.22 


70  29.57 
4030.50 
7030.50 
00131.08 
10  31.28 
60130.36 
80'29.81 
1030.05 
10129.89 
10|29.41 
0030.09 
10130.52 


198 


Agricultural,  Prices 


FARM  PRICES  OF  BUTTER. 
(Per  pound,  average  for  all  United  States — first  of  each  month.) 


1911. 

1912. 

1913. 

1914. 

1915. 

1916. 

1917. 

1918. 

1919. 

1920. 

January  

$ 
?7S 

$ 
.281 
.290 
.272 
.261 
.260 
.248 
.234 
.237 
.242 
.256 
.269 
.288 

$ 
.284 
.276 
.275 
.276 
.270 
.255 
.247 
.249 
.259 
.275 
.282 
.292 

$ 
.292 
.274 
.260 
.249 
.238 
.228 
.229 
.237 
.253 
.260 
.263 
.284 

$ 
.287 
.279 
.268 
.258 
.257 
.248 
.242 
.242 
.245 
.253 
.264 
.276 

$ 
.283 
.276 
.271 
.276 
.279 
.265 
.257 
.261 
.274 
.290 
.311 
.344 

$ 
.340 
.335 
.341 
.335 
.361 
.350 
.335 
.340 
.361 
.389 
.409 
.419 

$ 
.431 
.437 
.434 
.407 
.399 
.386 
.382 
.397 
.414 
.472 
.497 
.527 

$ 
.549 
.496 
.438 
.476 
.503 
.491 
.472 
.482 
.497 
.515 
.560 
.600 

.613 

February     

Rlarch  

.241 

.227 

April 

.226 

May 

.214 

June 

.203 

July 

?04 

August 

.217 

September 

October 

.231 
.238 

November 

December 

.252 
.274 

FARM   PRICES  OF  EGGS. 

(Per  dozen,  average  of  all  United  States — first  of  each  month.) 


1911. 1912. 

1913. 

1914. 

1915. 

1916. 

1917. 

1918. 

1919. 

1920. 

January  

$         $ 
.304    .295 

$ 
.268 
.228 
.194 
.164 
.161 
.169 
.170 
.172 
.195 
.234 
.274 
.330 

$ 
.307 
.284 
.242 
.176 
.168 
.173 
.176 
.182 
.210 
.235 
.253 
.297 

$ 
.316 
.292 
.213 
.166 
.171 
.166 
.168 
.170 
.187 
.223 
.263 
.306 

$ 
.306 
.268 
.212 
.179 
.181 
.190 
.197 
.207 
.233 
.281 
.322 
.381 

$ 
.377 
.358 
.338 
.259 
.300 
.311 
.283 
.298 
.332 
.374 
.394 
.433 

$ 
.463 
.494 
.404 
.312 
.310 
.298 
.307 
.344 
.364 
.416 
.472 
.550 

$ 
.572 
.483 
.331 
.343 
.368 
.386 
.368 
.393 
.410 
.447 
.540 
.619 

$ 
.648 

February     

March 

.221    .291 
.165    .245 

April 

.149    .178 

May 

.147    .171 

June 

.145    .167 

July 

.142    .167 

August 

.155    .174 

September 

October 

.174    .191 
.200    .220 

November 

December 

.235    .259 
.2871  .297 

FARM   PRICES  OF  POTATOES. 
(Per  bushel,  average  of  all  United  States — first  of  each  month.) 


1911. 

1912. 

1913. 

1914. 

1915. 

1916.  1917. 

1918. 

1919. 

1920. 

January  

$ 
.541 

$ 

.845 

.944 

1.020 

1.171 

1.273 

1.197 

1.036 

.865 

.650 

.511 

$ 
.506 
.531 
.520 
.503 
.482 
.552 
.498 
.692 
.753 
.739 
.696 
.687 

$ 
.684 
.697 
.707 
.700 
.714 
.713 
.815 
.871 
.749 
.647 
.528 
.487 

$ 
.497 
.504 
.504 
.478 
.505 
.508 
.521 
.563 
.505 
.488 
.608 
.617 

$         $ 
.706  1.473 
.880  1.724 
.944  2.407 
.976  2.347 
.948  2.796 
.988  2.740 
1.023  2.479 

$ 

1.210 

1.229 

1.203 

.926 

.801 

.755 

.949 

1.416 

1.488 

1.436 

1.272 

1.192 

$ 
1.161 
1.144 
1.094 
1.054 
1.189 
1.214 
1.284 
1.928 
1.875 
1.642 
1.528 
1.614 

1  786 

February     

March 

.551 
.553 

April 

.555 

May 

.625 

June 

.633 

July 

.963 

August 

1.360 

.954 
1.093 
1.120 
1.357 
1.461 

1.708 
1.391 
1.221 
1.278 
1.228 

September 

October 

1.137 
.883 

November 

December 

.763 
.799 

.455 
.505 

Appendix 


199 


RETAIL  PRICES  OF  SIRLOIN. 
(Per  pound — fifteenth  of  each  month.) 


1911. 1912. 

1913. 

1914. 

1915. 

1916. 

1917. 1918. 

1919. 

1920. 

January  

.202 

$ 
.207 
.207 
.213 
.220 
.235 
.240 
.243 
.245 
.243 
.240 
.235 
.233 

$ 
.238 
.238 
.245 
.256 
.256 
.258 
.263 
.263 

$ 
.250 
.250 
.253 
.253 
.258 
.261 
.268 
.278 

.253 
.248 
.245 
.250 
.256 
.261 
.266 
.263 
.263 
.261 
.256 
.250 

$ 
.256 
.256 
.263 
.268 
.276 
.286 
.286 
.283 
.281 
.273 
.268 
.268 

$ 
.276 
.286 
.293 
.316 
.321 
.326 
.326 
.329 
.331 
.329 
.314 
.319 

$ 
.326 
.331 
.336 
.364 
.397 
.425 
.420 
.412 
.415 
.407 
.402 
.402 

$ 
.410 
.410 
.417 
.435 
.443 
.430 
.433 
.420 
.409 
.398 
.393 
.391 

.405 

February     

March 

.202 
.202 

April 

.202 

May 

.201 

June 

.204 

July 

.207 

August 

.207 

September 

October 

November 

December 

.204 
.202 
.202 
.202 

.261 
.256 
.253 
.250 

.271 
.261 
.253 
.256 

RETAIL  PRICES  OF  ROUND  STEAK. 
(Per  pound — fifteenth  of  each  month.) 


1911.1912.1913.1914 


1915. 


1916, 


1917, 


1918.11919.1920. 


January  . 
February 
March  .  . 
April  .  . 
May  .  .  . 
June  .  .  . 
July  .  .  . 
August  .  . 
September 
October  . 
November 
December  , 


.172|  .1771 
.172  .177 
.175    .179! 


.175 
.175 
.177 
.177 
.177 
.170 
.175 
.172 
.172 


.1881 
.2011 
.206 
.206 
.2101 
.206! 
.2031 
.199 
.199 


.203 
.206 
.212 
.219 
.221 
.223 
.230 
.230 
.230 
.230 
.225 
.223 


.225 
.225 
.228 
.228 
.232 
.234 
.241 
.250 
.243 
.236 
.232 
.228 


.225 
.221 
.219 
.221 
.228 
.232 
.236 
.236 
.234 
.230 
.225 
.223 


$ 
.225 
.225 
.230 
.239 
.248 
.259 
.256 
.254 
.254 
.245 
.239 
.236 


$ 
.245 
.259 
.263 
.287 
.294 
.298 
.303 
.305 
.294 
.305 
.294 
.296 


.303 
.312 
.316 
.343 
.376 
.402 
.400 
.393 
.393 
.387 
.382 
.378 


.387 
.385 
.391 
.402 
.413 
.400 
.404 
.391 
.379 
.369 
.362 
.359 


% 

.370 


RETAIL  PRICES  OF  RIB  ROASTS. 
(Per  pound — fifteenth  of  each  month.) 


1911, 


1912 


1913 


1914, 


1915.1916, 


1917. 

1918. 

1919. 

$ 

$ 

$ 

.216 

.257 

.327 

.226 

.263 

.327 

.234 

.267 

.335 

.251; 

.293 

.347 

.257 

.319 

.352 

.261 

.335 

.339 

.257 

.333 

.325 

.255 

.327 

.312 

.259 

.327 

.312 

.257 

.323 

.306 

.251 

.321 

.302 

.253 

.319 

.303 

1920. 


January  . 
February 
March  .  . 
April  .  . 
May  .  .  . 
June  .  .  . 
July  .  .  . 
August  .  . 
September 
October  . 
Novembor 
December 


.166 
.168 
.168 
.170 
.168 
.168 
.168 
.16S| 
.IGS 
.168 
.166 
.166 


.168 
.170 
.172 
.180 
.192 
.196 
.194 
.196 
.192 


.188 
.188 
.194 
.200 
.200 
.202 
.202 
.202 
.200 


.1901  .200 
.188!  .198 
.1841  .198 


.198 
.200 
.200 
.202 
.202 
.204 
.208 
.214 
.208 
.206 
.204 


.200 
.198 
.196 
.198 
.200 
.204 
.206 
.206 
.204 
.202 
.200 


$ 
.200 
.202 
.206 
.210 
.218 
.224 
.222 
.220 
.218 
.214 
.210 


$ 

.314 


.200    .1981 


200 


Agricultural  Prices 

RETAIL  PRICES  OF  PORK  CHOPS. 
(Per  pound — fifteenth  of  each  month.) 


1911.  1912. 

1913. 

1914. 

1915. 

1916. 

1917. 

1918. 

1919. 

1920. 

$         $ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

January  

.184 

.171 

.188 

.209 

.186 

.188 

.238 

.344 

.407 

.373 

February     .   

.181 

.162 

.190 

.211 

.179 

.194 

.264 

.338 

.380 

March 

.181 

.173 

.205 

.211 

.1791  .219 

.281 

.340 

.388 

April 

.175 

.192 

.217 

.217 

.198 

.226 

.308 

.359 

.416 

May 

.175 

.194 
.192 
.194 
.211 
.222 

.211 
.209 
.217 
.219 
.228 

.224 
.217 
.224 
.251 
.238 

.209 
.207 
.211 
.217 
.226 

.230 
.232 
.234 
.245 
.264 

.308 
.312 
.319 
.346 
.390 

.369 
.377 
.380 
.424 
.464 

.433 
.426 
.464 
.471 
.460 

June 

.175 

July 

.179 

August 

.190 

September 

.192 

October 

.188 

.222 

.226 

.232    .232 

.249 

.390 

.456 

.443 

November 

.169 

.196 

.215 

.219    .209 

.234 

.348 

.435 

.421 

December 

.162 

.181 

.205 

.196    .184 

.224 

.340 

.416 

.381 

RETAIL  PRICES  OF  BACON. 
(Per  pound — fifteenth  of  each  mouth.) 


1911. 

1912. 

1913. 

1914. 

1915. 

1916. 

1917. 

1918. 

1919. 

1920. 

January  

$ 
?57 

$ 
.235 
.232 
.232 
.240 
.243 

$ 
.257 
.259 
.265 

.270 
.273 

$ 
.268 
.268 
.270 
.270 
.270 
.273 
.276 
.292 
.295 
.289 
.284 
.281 

$ 
.276 
.270 
.268 
.268 
.268 
.270 
.273 
.273 
.273 
.276 
.276 
.276 

$ 
.276 
.276 
.281 
.284 
.287 
.292 
.292 
.295 
.300 
.300 
.303 
.300 

$ 
.300 
.311 
.336 
.385 
.423 
.431 
.434 
.437 
.448 
.486 
.489 
.494 

$ 
.491 
.489 
.494 
.500 
.511 
.521 
.530 
.546 
.568 
.584 
.590 
.592 

$ 
.592 
.560 
.554 
.579 
.573 
.579 
.587 
.584 
.556 
.528 
.510 
.503 

504 

February     

March 

.254 
.251 

April 

^48 

May 

^48 

June 

.248 

.246    .276 
.246    .284 
.248    .287 
.257    .284 
.265    -281 

July 

.251 

August 

.254 

September 

October 

.251 
.248 

November 

December 

.240 
.238 

.265 
.262 

.276 
.270 

RETAIL  PRICES  OF   HAM. 
(Per  pound — fifteenth  of  each  month.) 


1911. 

1912. 

1913. 

1914. 

1915. 

1916. 

1917. 

1918. 

1919. 

1920. 

January  

$ 
^36 

$ 
.231 
.229 
.229 
.237 
.239 
.242 
.245 
.245 
.247 
.250 
.250 
.247 

$ 
.247 
.250 
.258 
.263 
.263 
.271 
.277 
.282 
.277 
.271 
.266 
.263 

$ 
.260 
.263 
.263 
.263 
.263 
.266 
.274 
.287 
.287 
.279 
.271 
.266 

$ 
.261 
.255 
.253 
.250 
.253 
.258 
.261 
.261 
.258 
.263 
.266 
.266 

$ 
.269 
.271 
.277 
.285 
.290 
.293 
.295 
.295 
.303 
.303 
.303 
.303 

$ 
.303 
.314 
.333 
.362 
.383 
.386 
.391 
.391 
.404 
.423 
.423 
.428 

$ 
.431 
.434 
.436 
.442 
.452 
.460 
.481 
.479 
.513 
.513 
.519 
.527 

$ 
.529 
.513 
.508 
.524 
.524 
.545 
.561 
i564 
.552 
.524 
.505 
.499 

503 

February     

March 

.236 
.234 

April 

May 

June 

.234 
.234 
.239 

July 

?Ari 

August 

.247 

September 

October 

November 

December 

.245 
.239 
.234 
.231 

Appendix 


201 


RETAIL  PRICES  OF  LARD. 
(Per  pound — fifteenth  of  each  month.) 


1 
1911.(1912. 

1 

1913. 

1914. 

1915. 

1916. 

1917. 

1918. 

1919. 

1920. 

$    1     $ 

$ 

$ 

$ 

% 

$ 

% 

$ 

$ 

January  

.155 

.136 
.136 

.153 
.155 

.158 
.156 

.153 

147 

.215 
.218 

.329 
.330 

.333 
.321 

340 

February     

.155 

.153i   .149 

March 

.145 

.136 
.141 
.147 
.149 
.149 

.156 

.156 

.152 
.152 
.152 

.152 
.158 
.167 

.239 
.264 
.278 
.280 
.275 

.332 
.330 
.329 
.325 
.325 

.333 
.352 
.389 
.401 
.420 

April 

.139 

.158    .156 
.158    .155 
.158    .153 
.1601   .153 

May 

.136 

June 

.134 

.150!   .171 
.147    .174 

July 

.133 

August 

.1341   .150 

.161    .156 

.141    .175 

.278 

.330!  .420 

September 

.137 

.155 

.161    .156 

.139    .186 

.297 

.337 

.382 

October    

.137 

.160 

.160    .155 

.144    .194 

.313 

.341 

.361 

November 

.137 

.160 

.160    .156 

.145    .213 

.327 

.341 

.364 

December 

.136 

.158 

.198    .153 

.145    .216 

.333 

.341 

.349 

RETAIL  PRICES  OF  WHEAT  FLOUR. 
(Per  eighth  barrel — fifteenth  of  each  month.) 


1911.  1912. 1913.11914.  1915.  1916.  1917.  1918.  1919.  1920 


January  . 
February 
March  .  . 
April  .  , 
May  ,  .  . 
June  .  .  . 
July  .  .  . 
August  .  . 
September 
October  . 
November 
December 


.835 
.819 
.811 
.803 
.803 
.803 


.803 
.811 
.811 

.827 
.827 
.827 


.827 
.835 
.835 
.843 
.875 
.883 
.875 
.859 
.843 
.827 
.819 
.803 


.803 
.803 
.803 
.803 
.811 
.811 
.811 
.803 
.803 
.795 
.795 
.795 


.787 
.795 
.795 
.795 
.795 
.795 
.787 
.851 
.907 
.891 
.899 
.907 


.996 

1.108 

1.092 

1.100 

1.116 

1.044 

1.004 

.996 

.940 

.907 

.907 

.915 


.9641 

1.004' 

.964! 

.956 

.956 

.940' 

.931 

1.076[ 

1.188 

1.245' 

1.397J 

1.341 


1.3731. 
1.373  1, 


1.397 
1.654 
2.136 
1.975 


614 
614 
614 
614 


1.606 
1.630 
1.554 
1.751 


61411.823 
63011.823 


1.767  1.630 
654 
654 


1.S39 

1.791 

1.718 

1.6701 

1.6461 


1.823 
1.799 
1.775 
630'1.775 
630!1.799 
6301.871 


1.968 


RETAIL  PRICES  OF  CORN    MEAL. 

(Per  pound — fifteenth  of  each  month.) 


11911. 


1912. 


1913. 


1914. 


1915. 


1916. 


1917. 


1918. 


1919. 


1920. 


January  . 
February 
March  .    . 
April     .   . 
May  .   .   . 
June  .   .    . 
July    .   .   . 
August  .   . 
September 
October    . 
November 
December 


.270 
.270 
.267 
.270 
.270 
.270 
.273 
.276 
.278 
.281 
.281 
.281 


.284 
.284 
.284 
.290 
.299 
.302 
.302 
.302 
.302 
.305 
.299 
.290 


$ 
.287 
.284 
.284 
.284 
.284 
.284 
.284 
.290 
.296 
.299 
.302 


.302 
.299 
.299 
.299 
.299 
.299 
.299 
.305 
.316 
.316 
.316 


.302    .310 


.316 
.319 
.319 
.316 
.316 
.316 
.313 
.313 
.313 
.313 
.310 
.310 


$ 
.310 
.313 
.310 
.313 
.313 
.313 
.313 
.319 
.328 
.339 
.365 
.380 


.383 
.394 
.397 
.447 
.516 
.528 
.566 
.635 
.789 
.673 
.682 
.682 


.676 
.676 
.696 
.687 
.676 
.647 
.637 
.658 
.667 
.658 
.629 
.618 


$ 

.600 
.580 
.574 
.580 
.600 
.609 
.629 
.638 
.670 
.660 
.660 
.660 


$ 

.660 


202 


Agricultueal  Prices 


RETAIL  PRICES  OF  EGGS. 
(Per  dozen — fifteenth  of  each  month.) 


1911. 

1912. 

1913.  1914. 

1915. 

1916. 

1917. 

1918. 

1919. 

1920. 

January  

$ 
.398 

$ 
.429 
.392 
.269 
.258 

$    1     $ 
.3651  .425 

$ 
.436 
.331 
.246 
.253 
.256 
.263 
.273 
.297 
.341 
.395 
.449 
.456 

$ 
.415 
.341 
.277 
.267 
.277 
.294 
.314 
.354 
.405 
.446 
.503 
.520 

$ 
.534 
.496 
.341 
.378 
.392 
.402 
.412 
.452 
.513 
.540 
.567 
.621 

$ 
.659 
.598 
.432 
.415 
.415 
.415 
.479 
.523 
.574 
.628 
.727 
.794 

.737 
.497 
.473 
.483 
.521 
.524 
.554 
.588 
.619 
.706 
.794 

$ 

February     

March 

.316 
.207 

.309 
.259 
.247 
.258 
.273 
.292 
.323 
.368 
.408 
.486 
.466 

.358 
.303 
.250 
.262 
.276 
.296 
.326 
.361 
.381 
.442 
.469 

April 

.243 

Mav 

J^39 

.253 
.259 
.278 
.303 
.341 
.382 
.439 
.412 

June 

?A?. 

July 

?.<l^ 

August 

.286 

September 

October 

.317 

355 

November 

December 

.426 
.443 

RETAIL   PRICES  OF   BUTTER. 

(Per  pound — fifteenth  of  each  month.) 


1911. 

1912.  1913.  1914. 

1 

1915.  1916. 

1917. 

1918. 

1919. 

1920. 

January  

.365 

$    1     $         $ 
.431    .4111  .400 

$         $ 
.388    .386 

$ 
.454 
.469 
.465 
.512 
.469 
.473 
.462 
.477 
.496 
.512 
.531 
.546 

$ 
.569 
.581 
.554 
.508 
.512 
.512 
.527 
.542 
.596 
.654 
.670 
.731 

$ 
.708 
.574 
.670 
.716 
.681 
.635 
.631 
.643 
.662 
.716 
.758 

? 

February     

March 

.343 
.330 

.400 
.371 
.378 
.367 
.310 
.338 
.342 
.360 
.377 
.392 
.415 

.415    .360 
.415    .352 
.408    .331 
.361    .328 
.353    .337 

.377 
.361 
.361 
.350 
.346 
.346 
.338 
.338 
.354 
.365 
.388 

.381 
.404 
.415 
.373 
.365 
.358 
.365 
.392 
.419 
.438 
.454 

April 

.303 

Mav 

.296 

June 

.298 

July 

.308 

.350 
.356 
.379 
.384 
.388 
.400 

.343 
.363 
.379 
.378 
.396 
.396 

August 

.326 

September 

October 

.337 
.359 

November 

December 

.385 
.411 

RETAIL  PRICES  OF   MILK. 
(Per  quart — fifteenth  of  each  month.) 


1911. 

1912.  1913.  1914. 

1915. 

1916. 

1917. 

1918. 

1919. 

1920. 

January  

$ 
.088 

$         $ 
.088    .091 
.088    .091 
.088    .091 
.088    .090 

$ 
.092 
.092 
.092 
.091 
.091 
.090 
.090 
.091 
.091 
.091 

$ 
.091 
.091 
.090 
.090 
.090 
.090 
.090 
.090 
.090 
.091 
.091 
.091 

$ 
.091 
.091 
.091 
.090 
.090 
.090 
.091 
.091 
.092 
.095 
.099 
.101 

$ 
.102 
.10» 
.102 
.104 
.107 
.108 
.114 
.117 
.120 
.130 
.131 
.134 

$ 
.137 
.137 
.137 
.135 
.135 
.132 
.136 
.140 
.146 
.151 
.158 
.160 

$ 
.160 
.158 
.151 
.154 
.152 
.154 
.154 
.159 
.160 
.164 
.167 

$ 

February     

March 

.088 
.088 

April 

.087 

May 

.085 

.088 

.090 

June  . 

085 

088 

.090 
.090 
.090 
.091 
.091 

July 

085 

.088 

August 

.085 

.088 
.088 
.090 
.091 
.091 

September 

October 

.086 
.087 

November 

December 

.088 
.088 

.092 
.092 

.091 
.091 

Appendix 


203 


RETAIL  PRICES  OF   POTATOES 

(Per  peck — fifteenth  of  each  menth.) 


1911. 

1912. 

1913. 

1914. 

1915. 

1916. 

1917. 

1918. 

1919. 

1920. 

January  

$ 
.259 

$ 
.378 
.393 
.422 
.468 
.438 

$ 
.236 
.234 
.228 
.226 
.237 
.269 
.285 
.282 
.285 
.274 
.277 
.275 

$ 
.280 
.280 
.277 
.272 
.290 
.341 
.401 
.287 
.271 
.230 
.214 
.217 

$ 
.220 
.218 
.212 
.222 
.230 
.256 
.220 
.212 
.204 
.243 
.251 
.275 

$ 
.352 
.365 
.363 
.332 
.363 
.433 
.347 
.365 
.417 
.427 
.513 
.513 

$ 
.583 
.492 
.769 
.878 
.912 
.948 
.637 
.534 
.445 
.461 
.474 
.461 

$ 

.486 
.486 
.380 
.334 
.334 
.442 
.593 
.593 
.593 
.534 
.502 
.487 

$ 
.487 
.471 
.443 
.471 
.502 
.580 
.730 
.761 
.655 
.580 
.593 

$ 

February     

March 

.259 
.259 

April 

.275 

May 

.313 

June 

.427 

.438 

July 

.510 

.329 
.287 
.246 
.235 
.232 
.259 

August 

.420 

September 

October 

November 

December 

.357 
.311 
.318 
.339 

Jan. 

! 

1         1         1 

Feb. 

1            1 

1         1         1 

Mar. 

Apr. 

1     • 

May 

June 

July 

Aug. 

Sep. 

Oct. 

Nov. 

Dec. 

Totals 

Jan. 

Feb. 

Mar. 

Apr. 

May 

June 

July 

Aug. 

Sep. 

Oct. 

Nov. 

1 

Dec. 

] 

Totals 

1 

1 

1 

204 


Agricultural  Prices 


PACKERS'  CHICAGO   HAM   PRICES. 

(No.  1  Reg.,  Smoked.  16  pounds.) 
(Per  hundredweight) 


1910.|1911.1912.|l913. 1914.(1915. 1916. 1917 


1918. 


1919. 


Ten- 

yr. 
av. 


January  . 
February 
March   .    . 
April     .    . 
May  .    .    . 
June  .   .   . 
July    .   .   . 
August  .   . 
September 
October    . 
November 
December 


14!80il3, 
15.60|13. 
17.60112 
17.60!11, 
16.80113, 
17.20!l4. 
17.2015 
15.60115 
15.40115 
15.20;i4 
14.30il3 
13.70113 


7012 
7012, 
00|l3 
90113 
50113 
50il3 
30113 
30114 
00114 
00115 
.00115 
,00|15 


70|15. 
70il5. 
,30115. 
,40116. 
,40117. 
40[17. 
.50il7, 
,50117. 
.70117 
.40116, 
.20115 
.20115 


15.30 
15.30 
15.20 
14.80 
14.80 
16.60 
16.60 
18.20 
18.30 
16.30 
15.00 
15.00 


14.7016 
13.7016 
13.3017 


13.00 

14.00 

14.70 

14.70 

14.10118 

14.10:i8 

15.70119 

15.70119 

15.70119 


2019.70 
2020.50 
30122.50 
,00125.00 
,2025.30 
,7025.30 
,70!25.30 
,50124.50 
.70126.30 
.30128.30 
.40128.00 
.60128.00 


30.00 
30.50 
30.50 
31.50 
31.50 
30.00 
31.00 
33.25 
33.25 
34.50 
37.00 
37.50 


$ 
37.00 
34.00 
35.50 
37.50 
38.50 
38.50 
39.00 
39.00 
37.00 
33.50 
29.25 
29.25 


18.93 
18.77 
19.30 
19.92 
20.30 
20.55 
20.91 
21.07 
20.97 
20.82 
20.19 
20.20 


Yearly    aver.    |15.92!13.74|13.95|16.37115.95I14.45|18.07|24.89|32.54|35.66 


20.15 


*These  figures,  previous  to  1917,  were  taken  from  charts  furnished  by 
Dr.  L.  D.  H.  Weld,  of  Swift  &  Company.  Since  1917,  the  source  has  been 
the  Daily  Trade  Bulletin  of  Howard  Bartels.  The  top  price  for  the  month 
is  used  in  every  case. 


PACKERS'   CHICAGO    BACON    PRICES.* 

(No.  1  Bacon,  smoked,  10-12  pounds.) 
(Per  hundredweight) 


I1910.I1911.I1912.  1913. 1914. 1915. 1916.11917. 1918. 


1919. 


Ten- 

yr. 

av. 


January  . 
February 
March  .    . 
April     .    . 
l\Iay  .    .    . 
June  .    .    . 
July    .   .   . 
August  .   . 
September 
October    . 
November 
December 


(16.30117.' 
117.00116. 
I2O.2OII5. 
120.1015. 
120.0015. 
I21.50I15. 
121.5015. 

19.7015. 
120.80115. 
t20.80!l4. 
(20.80113. 

18.00113. 


00(12. 
4012. 
4014. 
3014. 
3014, 
3014 
30il4, 
50|15. 
50116 
2017 
70|l7, 
40117 


5016. 
5O1I7. 
20117. 
70117. 
70118, 
80;i8 
80118 
70118. 
3017 
50117 
50117 
,0017 


3016.201 
0017.00' 
50117.20 
80117. 20: 
70117.20i 
7017.70 
70118.60 
70|20.40 
60|20.40 
,20'20.30 
00119.70 
,10119.00 


17.2015. 
16.3016. 
15.3018. 
15.00'19. 
15.6019. 
16.6019, 
16.60|l9. 
16.2019. 
17.0019, 
17.70il9 
17.7019, 
16.7019 


P  !  : 
40|21. 
40123, 
5026 
70(30, 
70133 
,10133 
00|31 
0033 
1035 
,10|36 
,10(35 
,00135 


0036 
,5037 
,40l38 
60139 
.30139 
.30139 
.20139 
,5042 
.7042 
.70145 
.50(47 
.40I47 


00(33 
5033 


21.24 
21.16 
22.32 
22.99 
23.52 
23.75 
23.57 
24.22 
24.24 
24.45 
24.10 
23.61 


Yearly  aver.  |19.721519|15.1917."69I18.41(16.4918.59  31.34!41.15I38.87|23.26 


*These  figures,  previous  to  1917,  were  taken  from  charts  furnished  by 
Dr.  L.  D.  H.  Weld,  of  Swift  &  Company.  Since  1917,  the  source  has  been 
the  Daily  Trade  Bulletin  of  Howard  Bartels.  The  top  price  for  the  month 
is  used  in  every  case. 


Appendix 


205 


PRICES   OF   COTTONSEED    MEAL   AT   MEMPHIS. 
(Per  ton,  in  car  lots) 


January  . 
February 
March  .   , 
April     .    . 
May  .    .    . 
June  .    .   . 
July    .   .   . 
August  .    . 
September 
October    . 
November 
December 


190S.  1909.  1910. 


22.50 
22.50 
22.63 
23.25 
23.38 
23.75 
21.00 
24.50 
124.00 
23.75 
123.63 
123.63 


I     $    I     $ 

123.50129.63 

123.63129.50 

124.2528.50 
'26.2528.00 
27.5027.13 
128.50'27.13 
'29.00126.50 
|28.25'26.00 
127.50125.75 
127.3825.25 
!28.50|24.38 
I28.50I24.38 


1911. 


1912.1913.1914.(1915, 


24.13 
23.25 
23.38 

23.88J27, 
23.88128, 
24.50|27, 
25.38126 
26.50'26 
25.00125 
24.63^24 
24.63124 
24.3825 


25125. 
13124. 
00125, 
25126. 
00!28. 
00|28, 
,75130. 
75131, 
00127, 
38'27, 
.6327 
,75127, 


38|26 

8826. 
1326. 
75^27. 
00127. 
7527. 
63127. 
75128. 
25123. 
1322. 
38i22. 
25123. 


i    I     $ 

5024.25 

13J27.25 

7526.88 

75126.88 

75^25.75 

5025.00 

25125.63 

00125.75 

75127.13 

7530.75 

38'32.00 

7533.75 


1916. 1917 


%    I     $ 
32.75  37.50 


29.00 
28.38 
28.87 
28.12 
26.75 
26.75 
28.75 
30.75 
35.25 
39.25 


1918. 


36.25 
35.75 
38.00 
40.50 
40.50 
42.00 
44.00 
42.00 
44.00 
47.00 


$ 

46.50 
46.50 
46.50 
46.50 
46.50 
46.50 
46.50 
46.50 
46.50 
46.50 


39.0046.50 


Previous  to  February,  1916,  the  price  is  for  41  per  cent  protein  meal. 
From  February,  1916,  to  November,  1917,  the  price  is  for  38.5  per  cent 
protein  meal,  and  from  December,  1917,  on,  the  price  is  the  government 
fixed  price  for  36  per  cent  protein  meal.  Quotations  are  averages  of  high 
and  low  for  month,  taken  from  the  News-Scimetar  of  Memphis. 


AVERAGE  PRICES  OF  MILL-FEEDS,  1908-1915. 
(Per  ton) 


C'cfl 

rt*. 

♦ 

♦ 

to 

to* 

0)  S 

O)    0) 

<o 

o 

as 

a  6 

O           CO 

a.S 

01 

0) 

•ox 

v.  ^ 

s 

«  5 

3 

•O  3 

s^  <^ 

a 

rt 

■?  ^ 

o  §  S 

CO   t* 

•3^ 

0)  :3 

^ 

c  ~ 

O  S 

as 

o  *^ 

C  S 

^s 

»o-^ 

"S-^ 

p— 1 4-> 

cS  .tj 

p^ 

1-1   O  c3 

5=^ 

o=^ 

X  '^ 

ra« 

a^ 

January    .     .    .    . 

$       25.00 

$       29.76 

$       33.42 

$       26.06 

$       23.20 

$       23.31 

February      .    .    . 

25.28 

29.44 

33.60 

25.50 

23.39 

23.14 

March 

25.44 

29.14 

32.15 

24.61 

23.32 

23.09 

April 

26.25 

29.49 

31.05 

24.52 

22.88 

23.08 

May 

26.42 

30.90 

30.64 

24.93 

22.37 

23.25 

June 

26.52 

29.54 

30.67 

25.20 

20.57 

22.68 

July 

26.95 

30.05 

31.77 

25.41 

20.66 

23.20 

August 

27.19 

29.74 

32.86 

26.75 

21.45 

23.96 

September    .    .    . 

25.67 

29.19 

33.33 

27.46 

21.24 

22.96 

October    .    .    .    . 

25.75 

29.82 

32.62 

25.81 

20.58 

22.11 

November    .    .     . 

25.94 

30.05 

33.09 

24.52 

21.81 

21.43 

December    .     .     . 

26.42 

30.20 

33.31 

25.46 

21.68 

21.80 

Yearly   aver. 

1         26.06 

29.74 

32.38 

25.53 

21.93 

22.83 

♦The  Milwaukee  prices  were  compiled  by  Professor  F.  A.  Pearson,  of 
the  University  of  Illinois,  from  the  reports  of  the  Western  Feed  Bureau. 


206 


Agricultural  Prices 


BRAN  AT  MINNEAPOLIS. 
(Per  ton) 


1906. 

1907. 

1908. 

1909. 

1910. 

1911. 

1912. 

1913. 

1914. 

1915. 

Jan.     .    .    . 

$15.38in7.63|$21.25 

$20.38|$22.50 

$21.63 

$23.88 

$19.00 

$21.50 

$22.50 

Feb. 

15.25 

18.68 

21.50 

22.13 

22.00 

20.75 

25.00 

18.25 

22.38 

22.25 

Mar. 

14.88 

18.88 

22.63 

22.13 

20.25 

20.63 

24.50 

16.50 

24.00 

20.63 

Apr. 

16.13 

17.88 

22.50 

22.50 

18.38 

21.75 

24.38 

15.88 

23.25 

21.63 

May- 

16.25 

18.25 

22.75 

23.75 

17.38 

20.63 

22.75 

16.63 

21.63 

19.75 

June 

15.38 

17.88 

20.63 

21.63 

16.25 

19.00 

20.25 

16.75 

19.75 

19.75 

July 

14.13 

17.38 

20.00 

20.25 

18.75 

19.25 

20.00 

16.50 

18.50 

20.38 

Aug. 

13.63 

19.13 

19.88 

19.13 

19.13 

20.13 

19.00 

19.25 

21.13 

19.63 

Sep. 

14.88 

21.50 

19.88 

19.13 

18.13 

20.75 

19.00 

20.63 

20.50 

18.13 

Oct. 

16.38 

23.25 

19.50 

18.88 

17.38 

21.38 

18.63 

19.13 

18.88 

17.75 

Nov. 

17.88 

21.00 

19.50 

19.25 

18.88 

21.88 

17.75 

19.50 

20.63 

18.25 

Dec. 

17.80 

20.38 

19.50    20.63 

20.25 

22.33 

18.25|  20.25 

20.88 

18.50 

BRAN  AT  MINNEAPOLIS— Continued. 
(Per  ton) 


1916. 


1917. 


1918. 


1919. 


1920. 


1921. 


1922. 


1923. 


1924. 


1925. 


Jan. 

Feb. 

Mar. 

Apr. 

May 

June 

July 

Aug. 

Sep. 

Oct. 

Nov. 

Dec. 


$19,131 
19.25 
17.63 
18.25 
18.63 
18.13 
17.88 
19.88 
21.50 
25.00 
26.63 
25.38 


$28.50 
32.00 
35.00 
38.25 
36.50 
25.50 
33.25 
31.75 
29.50 
30.50 
34.38 
36.25 


$34.00 
36.25 
36.00 
33.25 
31.38 
31.38 
29.23 
29.73 
29.15 
28.90 
28.39 
37.87 


$45.25 
38.50 
37.20 
38.00 
36.00 
34.25 
39.75 
41.25 
38.25 
37.00 
38.00 
41.00 


Jan. 

Feb. 

Mar. 

Apr. 

May 

June 

July 

Aug. 

Sep. 

Oct 

Nov. 

Dec. 

Totals 

1 

Appendix 


207 


MIDDLINGS  AT  MINNEAPOLIS. 

(Per  ton) 

(Minneapolis  middlings  are  evidently  a  lower  grade  than  Kansas  City 

shorts.) 


1906. 

1907. 

1908. 

1909. 

1910. 

1911. 

1912. 

1913. 

1914. 

1915. 

Jan.     .    .    . 

$15.38!$16.75 

$20.63  $20.25 

$22.13 

$21.00 

$23.38  $19.13 

$21.13 

$22.00 

Feb. 

15.38 

17.80 

21.13 

22.00 

21.88 

20.50 

24.88 

18.13 

21.50 

22.13 

Mar. 

14.88 

18.25 

22.50 

22.13 

20.50 

20.00 

24.38 

17.13 

22.75 

20.63 

Apr. 

16.13 

17.88 

22.75 

22.50 

18.50 

21.00 

24.38 

16.38 

22.88 

22.63 

May 

16.38 

19.00 

22.88 

23.88 

18.75 

21.25 

23.75 

17.38 

22.13 

22.88 

June 

15.50 

18.88 

20.63 

22.25!  17.88 

20.50 

22.75 

18.63 

21.25 

23.13 

July 

15.88 

19.25 

20.50 

20.75 

20.50 

21.88 

23.25 

18.63 

21.00 

25.13 

Aug. 

15.38 

21.25 

21.75 

20.13 

21.00 

23.50 

22.25 

20.50 

23.50 

12.25 

Sep. 

15.88 

23.50 

20.75 

19.00 

19.50 

23.88 

21.75 

22.63 

21.50 

20.00 

Oct. 

16.75 

24.00 

19.50|   18.63 

19.25 

23.38 

20.00 

21.63 

19.00 

18.50 

Nov. 

17.75 

21.00 

19.25    19.00    20.38 

22.75 

17.63 

21.25 

20.50 

18.13 

Dec. 

17.13 

20.00 

19.38    20.38    21.50 

22.38 

18.13 

20.50 

21.00|  18.33 

MIDDLINGS  AT  MINNEAPOLIS— Continued. 

(Per  ton) 

(Minneapolis  middlings   are  evidently  a  lower  grade  than  Kansas  City 

shorts.) 


1916. 


$19.88 
21.00 
19.50 
19.00 
20.00 
19.50 
19.13 
21.00 
23.50 
27.25 
30.00 
27.50 


19ir. 


$29.00 
31.25 
35.50 
39.00 
36.00 
32.25 
40.00 
39.75 
34.00 
36.50 
34.50 
37.75 


1918. 

1919. 

1920. 

1921. 

1922. 

1923. 

1924. 

$35.25 

$46.00 

38.00 

39.75 

37.75 

38.75 

35.25 

42.25 

33.25 

45.00 

33.25 

43.50 

30.85 

50.00 

31.71 

54.00 

31.26 

51.00 

30.81 

44.00 

30.21 

41.50 

40.24 

42.25 

1925. 


Jan. 

Feb. 

Mar. 

Apr. 

May 

June 

July 

Aug. 

Sep. 

Oct. 

Nov. 

Dec. 

Totals 

208 


Agricultural  Prices 


BRAN 

AT  KANSAS  CITY 

(Per  ton) 

1906. 

1907. 

1908. 

1909. 

1910. 

1911. 

1912. 

1913. 

1914. 

1915. 

Jan.     ...  1 

P15.70 

517.70 

P20.40 

P19.60 

522.10 

$20.10 

524.50 

P19.00 

$21.50 

^21.90 

Feb.     . 

16.20 

18.30 

21.50 

21.80 

22.40 

19.90 

26.30 

19.30 

23.45 

21.10 

Jlar.    . 

16.70 

18.30 

22.30 

22.80 

21.50 

20.10 

25.90 

17.00 

23.50 

20.90 

Api'. 

17.40 

17.30 

22.10 

24.30 

20.90 

21.56    27.701 

16.70 

24.00 

23.40 

Jlav 

16.60 

18.80 

22.20 

26.10 

19.90 

21.50 

26.10 

16.30 

22.00 

21.20 

June    . 

15.50 

18.90 

20.20 

23.80 

17.10 

19.40 

22.00 

16.40 

19.00 

18.80 

July     . 

14.00 

16.40 

19.50 

20.20 

17.60 

20.70 

20.00 

16.10 

17.40 

19.60 

Aug.    . 

13.50 

18.50 

19.30 

18.50 

18.40 

20.40 

18.50 

20.20 

20.80 

18.50 

Sep.     . 

14.45 

21.20 

19.00 

18.80 

17.80 

20.70 

18.40 

22.10 

19.50 

17.20 

Oct.     . 

16.15 

22.60 

18.60 

20.20 

17.20 

21.70 

18.15 

20.20 

18.10 

17.60 

Nov.    . 

17.85 

19.90 

18.50 

19.45 

18.40 

22.75 

17.00 

20.00 

15.92 

17.30 

Dec.     . 

17.70 

19.70 

18.80 

20.20 

19.00 

23.20 

17.60 

20.10 

20.20 

17.90 

BRAN  AT  KANSAS  CITY— Continued. 

(Per  ton) 

1916. 

1917. 

1918. 

1919. 

1920. 

1921. 

1922. 

1923. 

1924. 

1925. 

Jan.     .    .    . 

$17.90 

$28.60 

$37.30 

$46.75 

Feb.     . 

18.30    32.90 

36.50 

39.00 

Mar.    . 

17.40 

36.70 

36.20 

37.50 

Apr.     . 

19.20 

38.70 

34.70 

38.00 

May     , 

19.00 

33.80 

34.00 

35.50 

June    . 

17.50 

29.00 

33.25 

34.00 

July     . 

17.20 

35.60 

27.72 

37.50 

Aug.    . 

20.10 

34.00 

28.70 

46.25 

Sep.     . 

21.50 

28.70 

28.63 

36.50 

Oct.     . 

25.20 

30.90 

28.16 

35.50 

Nov.    . 

27.80 

39.00 

27.81 

37.00 

Dec.     . 

27.00    35.70 

38.41 

40.00 



Jan.     . 

1 

Feb.     . 

Mar.     . 

1 

Apr.     . 

May 

June    . 

July     . 

Aug.    . 

Sep.     . 

Oct.     . 

Nov.    . 

Dec.     . 

Totals 

.       _J_. 

Appendix 


209 


SHORTS  AT  KANSAS  CITY. 

(Per  ton) 

1906. 

1907. 

1908. 

1909. 

1910. 

1911. 

1912.    1913.    1914. 

1915. 

Jan.     .    .    . 

$17.20 

$17.50 

$20.80 

$21.40  $23. 40| 

$21.90 

$26.90  $20.30, $25.00i$24.60 

Feb.     . 

17.30 

18.40 

21.10 

22.10 

24.00 

22.00 

27.00    20.10 

24.60 

23.50 

Mar.    . 

17.60 

18.75 

22.70 

23.60 

22.80 

21.60 

26.70 

19.00 

24.20 

22.70 

Apr.     , 

18.50 

18.20 

23.10 

25.60 

21.70 

22.50 

27.70 

19.00 

25.00 

25.60 

May     . 

17.80 

19.20 

23.10 

27.00 

21.40 

22.70 

26.70 

19.30 

23.50 

22.00 

June    . 

16.70 

20.10 

21.20 

24.60 

19.20    21.10 

23.70 

19.40 

22.70 

22.90 

July     . 

16.00 

18.70 

20.70 

20.90 

19.20    22.00 

23.20 

20.00 

22.50    24.10 

Aug.    . 

16.10 

20.40 

20.70 

19.60 

20.50    24.30 

23.40 

23.50 

24.00 

24.00 

Sep.     . 

16.70 

23.20 

21.30 

20.00    20.601  24.40 

23.00 

26.10 

23.00 

21.80 

Oct.     . 

18.05 

23.70 

21.40 

21.80 

20.50    25.80 

22.50 

23.80 

20.70 

21.30 

Nov.    . 

18.90 

20.80 

21.30 

20.80 

20.90    25.80 

20.00    24.10 

22.40 

20.90 

Dec.     . 

18.40 

20.20 

21.30 

21.30 

21.20    26.20 

19.00    24.10 

23.70 

20.60 

SHORTS  AT  KANSAS  CITY— Continued. 

(Per  ton) 

1916. 

1917. 

1918. 

1919. 

1920. 

1921. 

1922. 

1923. 

1924. 

1925. 

Jan.     .    .    . 

$19.70 

$31.60 

$41.00 

$54.00 

Feb. 

21.20 

35.50 

41.00 

44.00 

Mar. 

20.80 

39.30 

39.20 

41.50 

Apr. 

21.40 

41.50 

38.20 

46.50 

May 

21.80 

40.50 

38.00 

45.00 

June 

21.20 

39.50 

38.00 

46.50 

July 

21.30 

44.70 

30.72 

52.00 

Aug. 

24.60 

45.00 

29.97 

54.00 

Sep. 

26.90 

42.50 

30.50 

52.00 

Oct. 

27.70 

41.50 

29.65 

48.50 

Nov. 

32.91 

44.25 

29.31 

45.50 

Dec. 

31.30 

44.50 

41.16 

45.50 

Jan.     .    .    . 





Feb. 

Mar. 

Apr. 

May 

June 

July 

Aug. 

Sep. 

Oct. 

Nov. 

Dec. 

Totals 

210 


Agricultural  Prices 


WAGES  IN  THE  CITY  AND  ON  THE  FARM,  WITH   DUN'S 

INDEX   NUMBER. 

(On  the  basis  of  1913  equals  l.CO.) 


"d 

'6 

'6 

0) 

0) 

ai  n 

.Q 

Z^X! 

.Q 

Z?^ 

XI 

3 

a  2 

a 

02 
<D 

1=1 

0) 

G 

u 

to 

■  ■!-> 

a 

to 

>> 

S  o 

as 

is 

.  -i-j 

.S 

m 

'a 

<o 

j_) 

rt  a 

s 

a> 

o 

a  c 

S 

(U 

o 

cs  a 

3 

>* 

» 

fe  '^ 

Q 

>< 

* 

fe 

Q 

>H 

« 

fa 

Q 

1860 

.41 

.97 

1880 

.59 

.91 

1900 

.73 

.76 

1861 

.41 

.85 

1881 

.62 

.94 

1901 

.73 

.77 

1862 

.43 

.99 

1882 

.63 

.63 

1.02 

1902 

.77 

.73 

.85 

1863 

.49 

1.44 

1883 

.65 

.89 

1903 

.80 

.83 

1864 

.55 

2.33 

1884 

.64 

.83 

1904 

.80 

.81 

1865 

.61 

1.62 

1885 

.64 

.  60 

.76 

1905 

.82 

.82 

1866 

.64 

.89 

1.73 

1886 

.64 

.74 

1906 

.85 

.88 

1867 

.67 

1.58 

1887 

.64 

.78 

1907 

.89 

.95 

1868 

.68 

1.53 

1888 

.65 

.60 

.79 

1908 

.89 

.90 

1869 

.68 

.85 

1.38 

1889 

.67 

.75 

1909 

.90 

.99 

1870 

.68 

1.24 

1890 

.69 

.61 

.77 

1910 

.93 

.91 

.99 

1871 

.68 

1.27 

1891 

.69 

.80 

1911 

.95 

.95 

.98 

1872 

.68 

1.26 

1892 

.69 

.61 

.75 

1912 

.97 

.98 

1.02 

1873 

.68 

1.19 

1893 

.69 

.63 

.76 

1913 

1.00 

1.00 

1.00 

1874 

.67 

1.19 

1894 

.67 

.58 

.69 

1914 

.95 

.99 

1.00 

1875 

.65 

.66 

1.13 

1895 

.67 

.58 

.69 

1915 

1.00 

.99 

1.04 

1876 

.62 

.97 

1896 

.69 

.62 

1916 

1.20 

1.08 

1.21 

1877 

.59 

.92 

1897 

.69 

.60 

1917 

1.40 

1.33 

1.76 

1878 

.58 

.80 

1898 

.69 

.64 

.65 

1918 

1.75 

1.55 

1.94 

1879 

.57 

.54 

.81 

1899 

.70 

.67 

.71 

1919 

1.85 

1.85 

1.95 

♦From  1860  to  1890.  wages  are  based  on  the  investigation  made  by  the 
Department  of  Labor  for  the  senate  committee  investigating  prices  and 
wages,  and  reported  in  Senate  Document  1394.  Wages  from  1890  to  1907 
are  based  on  Bulletin  77  of  the  Bureau  of  Labor  Statistics,  and  from  1907 
to  1913  on  unpublished  data  of  the  Bureau  of  Labor  Statistics,  prepared 
for  the  San  Francisco  Exposition.  Figures  since  1913  are  estimated  from 
reports  of  manufacturing  establishments  in  New  York  state,  reports  of 
wages  paid  by  the  United  States  Steel  Corporation,  and  reports  of  the 
Bureau  of  Labor  Statistics  as  to  wages  existing  in  cotton  goods,  men's 
clothing,  lumber,  and  furniture  industries.  It  is  believed  that  the  figures 
since  1913  are  roughly  accurate,  but  that  they  may  have  to  be  revised  to 
make  them  comparable  with  the  preceding  series.  Farm-hand  wages  are 
derived  from  the  December,  1919,  Monthly  Crop  Reporter  of  the  Bureau  of 
Crop  Estimates. 


Appendix 


211 


PIG  IRON. 

(No.  2  foundry,  per  ton,  at  Birmingham,  first  of  month.) 

Compiled  from   Bradstreet's   Journal,   by   the  Babson   Statistical 

Organization. 


1903. 

1904.    1905. 

1906.    1907. 

1908. 

1909. 

1910. 

1911. 

1912. 

Jan.     .    .    . 

$21.50 

$10.00i$13.50 

$14.50 

$23.50 

$13.50 

$13.50 

$14.00 

$11.00 

$10.00 

Feb. 

21.50 

10.00 

14.00 

14.50 

23.50 

13.50 

13.001   14.00 

11.00 

10.00 

Mar. 

18.50 

9.50 

14.00 

14.50 

23.50 

12.50 

12.00 

13.00 

11.00 

10.25 

Apr. 

18.50 

10.00 

14.00 

14.50 

23.50 

12.25 

11.00 

12.00 

11.00 

10.50 

May 

17.50 

10.00 

13.50 

14.50 

23.00 

11.00 

11.50 

12.00 

11.00 

11.50 

June 

15.50 

9.50 

12.50 

14.50 

22.50 

11.00 

11.00 

11.50 

10.50 

11.50 

July 

15.50 

9.50 

12.00 

13.50 

23.00 

11.50 

11.00 

11.00 

10.50 

11.50 

Aug. 

13.50 

9.50 

12.00 

13.50 

21.50 

11.50 

13.50 

11.00 

10.00 

12.00 

Sep. 

12.00 

9.50 

12.00 

16.00 

20.00 

12.00 

14.00 

11.00 

10.00 

13.00 

Oct. 

12.00 

9.50 

12.50 

17.00 

18.50 

12.00 

15.00 

11.25 

10.00 

13.25 

Nov. 

10.00 

12.00 

14.00 

22.00 

18.00 

12.50 

15.00 

11.00 

10.00 

14.00 

Dec. 

9.25 

13.50 

14.50 

22.00 

15.00 

13.00 

14.00 

11.00 

9.50 

13.50 

PIG  IRON— Continued. 

(No.  2  foundry,  per  ton,  at  Birmingham,  first  of  month.) 

Compiled  from   Bradstreet's   Journal,   by  the  Babson   Statistical 

Organization. 


1913. 

1914.    1915. 

1916. 

1917. 

1918. 

1919. 

1920. 

1921. 

1922. 

Jan.     .    . 

.  $14.00 

$10.50$  9.50 

$15.00 

$23.00 

$33.00 

$31.00 

Feb.     .    . 

.     13.50 

10.50 

9.50 

15.00 

24.00 

33.00 

31.00 

Mar.    .    . 

.     13.00 

10.75 

9.50 

15.00 

26.00 

33.00 

31.00 

Apr.     .    . 

.     13.00 

10.50 

9.25 

15.00 

33.00 

33.00 

26.75 

May     .    . 

.     12.00 

10.50 

9.50 

15.00 

37.50 

33.00 

26.75 

June    .    . 

.     11.00 

10.50 

9.50 

15.00 

40.00 

33.00 

25.75 

July     .    . 

.     10.50 

10.25 

9.75 

14.00 

47.00 

33.00 

24.75 

Aug.    .    . 

.     10.50 

10.00 

10.25 

14.00    47.00 

33.00 

26.75 

Sep.     .    . 

.     11.00 

10.00 

11.00 

14.00 

47.00 

33.00 

27.75 

Oct.     .    . 

.     11.00 

10.00 

11.50 

14.50 

30.00 

34.00 

28.00 

Nov.    .    . 

.     11.00 

10.00 

13.00 

17.00 

33.00 

34.00 

28.00 

Dec.     .    , 

.     11.00 

9.75 

14.00 

23.00 

33.00 

34.00 

34.00 

Jan.     .    . 

Feb.     .    . 

Mar.     .    . 

Apr.     .    . 

May     .    . 

June    .    . 

July     .    . 

Aug.     .    . 

Sep.     .    . 

Oct.     .    . 

Nov.    .    . 

Dec.     .  ". 

Totals      1 

212 


Agricultural,  Prices 


COPPER. 

(Electrolj'tic,  per  pound,  at  New  York,  first  of  month.) 

Compiled   from   Bradstreet's   Journal,   by   the   Babson   Statistical 

Organization. 


1903. 

1904. 

1905. 

1906. 

1907. 

1908. 

1909. 

1910. 

1911. 

1912. 

Jan.  .  .  . 

$  .119 

$  .122 

$  .151 

$  .187 

$  .241 

$  .138 

$  .145 

$  .137 

$  .128 

$  .143 

Feb.  .  .  . 

.126 

.126 

.152 

.181 

.252 

.139 

.139 

.138 

.126 

.142 

Mar.  .  .  . 

.134 

.124 

.151 

.185 

.252 

.129 

.129 

.136 

.126 

.146 

Apr.  .  .  . 

.150 

.129 

.153 

.186 

.253 

.131 

.129 

.  135 

.123 

.156 

May  .  .  . 

.148 

.131 

.150 

.186 

.253 

.129 

.129 

.129 

.123 

.159 

June  .  .  . 

.144 

.128 

.148 

.188 

.248 

.127 

.136 

.129 

.123 

.168 

July  .  .  . 

.141 

.124 

.148 

.187 

.238 

.127 

.135 

.127 

.127 

.175 

Aug.  .  .  . 

.129 

.125 

.153 

.187 

.213 

.133 

.133 

.126 

.127 

.176 

Sep.  .  .  . 

.135 

.125 

.161 

.187 

.179 

.138 

.133 

.128 

.126 

.178 

Oct.  .  .  . 

.130 

.127 

.164 

.201 

.149 

.135 

.132 

.127 

.124 

.178 

Nov.  .  .  . 

.136 

.137 

.164 

.223 

.145 

.139 

.130 

.128 

,124 

.176 

Dec.  .  .  . 

.119 

.150 

.176 

.228 

.138 

.144 

.134 

.129 

.133 

.176 

COPPER— Continued. 

(Electrolytic,  per  pound,  at  New  York,  first  of  month.) 

Compiled  from   Bradstreet's   Journal,   by   the   Babson   Statistical 
Organization. 


1913. 


1917. 

1918. 

1919. 

1920. 

1921. 

$  .295 

$  .235 

$  .230 

.330 

.235 

.188 

.365 

.235 

.155 

.340 

.235 

.154 

.310 

.235 

.153 

.325 

.235 

.165 

.318 

.235 

.190 

.290 

.260 

.235 

.253 

.260 

.228 

.235 

.260 

.215 

.235 

.260 

.218 

.235 

.260 

.183 

1922. 


Jan. 

Feb. 

Mar. 

Apr. 

May 

June 

July 

Aug. 

Sep. 

Oct. 

Nov. 

Dec. 


$  .177 
.162 
.148 
.153 
.146 
.156 
.146 
.150 
.164 
.169 
.165 
.146 


.149 
.148 
.144 
.144 
.142 
.140 
.134 
.130 
.124 
.118 
.113 
.128 


.130 
.148 
.146 
.156 
.186 
.188 
.200 
.183 
.178 
.180 
.179 
.199 


.229 
.254 
.271 
.275 
.285 
.280 
.265 
.263 
.280 
.285 
.285 
.345 


Jan. 

Feb. 

Mar. 

Apr. 

1     J 

May 

June 

July 

Aug. 

• 

Sep. 

Oct. 

Nov. 

Dec. 

Totals   1 

Appendix 


213 


CRUDE  PETROLEUM. 

(Per  barrel,  at  New  York,  first  of  month.) 

Compiled  from  Bradstreet's  Journal,   by  the  Babson   Statistical 

Organization. 


1903. 

1904. 

1905. 

1906. 

1907. 

1908. 

1909. 

1910. 

1911. 

1912. 

Jan.     .   .   . 

$  1.541$  1.85 

$  1.50 

$  1.58 

$  1.58 

$  1.78 

$  1.78 

$  1.43 

$  1.30 

$  1.35 

Feb. 

1.50 

1.85 

1.39 

1.58 

1.58 

1.78 

1.78 

1.40 

1.30 

1.50 

Mar. 

1.50 

1.77 

1.39 

1.58 

1.63 

1.78 

1.78 

1.40 

1.30 

1.50 

Apr. 

1.50 

1.68 

1.36 

1.58 

1.78 

1.78 

1.78 

1.40 

1.30 

1.50 

May- 

1.53 

1.62 

1.29 

1.64 

1.78 

1.78 

1.78 

1.35 

1.30 

1.55 

June 

1.50 

1.62 

1.27 

1.64 

1.78 

1.78 

1.68 

1.35 

1.30 

1.55 

July 

1.50 

1.57 

1.27 

1.64 

1.78 

1.78 

1.63 

1.30 

1.30 

1.60 

Aug. 

1.56 

1.50 

1.27 

1.61 

1.78 

1.78 

1.58 

1.30 

1.30 

1.60 

«ep. 

1.56 

1.53 

1.27 

1.58 

1.78 

1.78 

1.58 

1.30 

1.30 

1.66 

Oct. 

1.62 

1.56 

1.51 

1.58 

1.78 

1.78 

1.58 

1.30 

1.30 

1.60 

Nov. 

1.77 

1.56 

1.61 

1.58 

1.78 

1.78 

1.53 

1.30 

1.30 

1.65 

Dec. 

1.82 

1.60 

1.58 

1.58 

1.78 

1.78 

1.48 

1.30 

1.30 

1.85 

CRUDE  PETROLEUM— Continued. 

(Per  barrel,  at  New  York,  first  of  month.) 

Compiled  from  Bradstreet's  Journal,  by  the  Babson  Statistical 

Organization. 


1913. 

1914. 

1915. 

1916. 

1917. 

1918. 

1919. 

1920. 

1921. 

$  2.00 

$  2.50 

$  1.45 

$  2.25 

$  2.85 

$  3.75 

$  4.00 

2.40 

2.50 

1.45 

2.35 

3.05 

3.75 

4.00 

2.50 

2.50 

1.50 

2.40 

3.05 

4.00 

4.00 

2.50 

2.50 

1.40 

2.60 

3.05 

4.00 

4.00 

2.50 

2.00 

1.35 

2.60 

3.10 

4.00 

4.00 

2.50 

1.80 

1.35 

2.60 

3.10 

4.00 

4.00 

2.50 

1.75 

1.35 

2.60 

3.10 

4.00 

4.00 

2.50 

1.65 

1.35 

2.50 

3.10 

4.00 

4.00 

2.50 

1.45 

1.60 

2.30 

3.50 

4.00 

4.25 

2.50 

1.45 

1.70 

2.40 

3.50 

4.00 

4.25 

2.50 

1.45 

1.80 

2.60 

3.50 

4.00 

4.25 

2.50 

1.45 

2.00 

2.60 

3.50 

4.00 

4.50 

1922. 


Jan. 

Feb. 

Mar. 

Apr. 

May 

June 

July 

Aug. 

Sep. 

Oct. 

Nov. 

Dec. 


Jan. 

, 

Feb. 

Mar. 

Apr. 

May 

June 

July 

Aug. 

Sep. 

Oct. 

Nov. 

Dec. 

Totals       1 

r 
1 

214j 


Agricultural,  Prices 


LUMBER. 

(Combined  quotation  on  1,000  feet  each  of  yellow  pine,  Pennsylvania  hem- 


Compiled  from 


lock  and  eastern  spruce.) 
Bradstreet's  Journal,   by  the 
Organization. 


Babson  Statistical 


1903. 

1904. 

1905. 

1906. 

1907. 

1908. 

1909. 

1910. 

1911. 

1912. 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

Jan.     .    .    . 

58.00 

61.00 

58.50 

74.00 

78.00 

68.00 

68.00 

71.00 

66.00 

71.00 

Feb.     .    .    . 

58.00 

61.00 

59.50 

74.00 

74.00 

66.00 

69.50 

69.00 

67.50 

71.00 

Mar.    .    .    . 

58.00 

61.00 

59.50 

74.00 

74.00 

66.00 

69.50 

69.00 

68.50 

71.00 

Apr.     .    .    . 

58.00 

60.00 

59.50 

80.00    70.00 

65.00 

69.00 

70.00 

70.00 

71.00 

May     .    .    . 

59.00 

60.00 

60.00 

80.00 

71.00 

61.00 

69.00 

70.00 

70.00 

71.00 

June    .    .    . 

59.00 

60.00 

62.25 

80.00 

71.00 

61.00 

69.00 

70.00 

70.00 

70.00 

July     .    .    . 

59.50 

60.00]  62.00 

78.00 

71.00 

61.00 

69.00 

69.00 

70.00 

69.50 

Aug.    .    .    . 

61.00 

60.00 

63.00 

78.00 

71.00 

61.00 

67.75 

66.00 

70.00 

70.50 

Sep.     .    .    . 

61.00    60.00 

67.00 

78.00 

71.00 

61.00 

70.50 

66.00 

70.00 

71.00 

Oct 

61.00    59.00 

69.00 

79.00 

71.00 

62.50 

71.00|   66.00 

70.00 

71.50 

Nov.    .    .    . 

61.00    59.00 

70.00 

79.00 

71.00 

64.50 

71.00    66.00 

70.00 

72.50 

Dec.    .    .    . 

61.00    59.00 

73.00 

79.00 

68.00 

66.50 

71.00    66.00 

70.00 

75.00 

LUMBER— Continued. 
(Combined  quotation  on  1,000  feet  each  of  yellow  pine,  Pennsylvania  hem- 
lock and  eastern  spruce.) 
Compiled  from   Bradstreet's  Journal,   by   the  Babson   Statistical 
Organization. 


1913. 


1914.    1915. 


1916. 


1917. 


1918. 


1919. 


1920. 


1921. 


1922. 


Jan. 

Feb. 

Mar. 

Apr. 

May 

June 

July 

Aug. 

Sep. 

Oct. 

Nov. 

Dec. 


75.00 
77.00 
79.50 
84.00 
80.00 
79.50 
76.50 
73.50 
73.50 
73.50 
71.50 
71.50 


71.50 
71.50 
71.50 
71.50 
71.50 
71.00 
71.00 
71.00 
71.00 
71.00 
71.00 
71.00 


71.00 
71.00 
71.00 
71.00 
71.50 
70.50 
70.00 
70.00 
70.50 
70.50 
72.50 
79.00 


80.00 
81.00 
83.00 
84.00 
84.00 
84.00 
78.00 
73.75 
73.75 
73.75 
73.75 
79.00 


$ 
80.00 
82.00 
83.00 
83.00 
87.00 
86.00 
96.00 
96.00 
96.50 
97.50 
98.50 
98.50 


98.50 
100.50 
100.50 
107.50 
120.50 
121.50 
124.00 
124.00 
114.00 
114.00 
114.00 
117.50 


117.50 
119.00 
119.00 
112.00 
112.00 
112.00 
112.00 
128.00 
140.00 
139.00 
144.00 
162.00 


Appendix 


215 


Jan. 

Feb. 

Mar. 

Apr. 

May 

June 

July 

Aug. 

Sep. 

Oct. 

Nov. 

Dec. 

Totals       1 

Jan. 

Feb. 

Mar. 

Apr. 

May 

June 

July 

Aug. 

Sep. 

Oct. 

Nov. 

Dec. 

\ 

Totals 

1 

Jan. 

1 

Feb. 

Mar. 

Apr. 

May 

June 

July 

Aug. 

Sep. 

Oct. 

Nov. 

Dec. 

Totals 

216 


Agricultural  Prices 


Jan.     . 

1           1 

Feb,     . 

1           1 

Mar.     . 

Apr.     . 

May 

June    . 

July     . 

Aug.     . 

Sep.     . 

Oct.     . 

Nov.     . 

Dec.     . 

Totals       1 

Jan. 

1            1 

Feb. 

1           1 

Mar. 

1            1 

Apr. 

1           1 

May 

!            1 

June 

1            1 

July 

1           1 

Aug. 

1           1 

Sep. 

1           1 

Oct. 

i            i 

Nov. 

1            1 

Dec. 

1           1 

1            1 

Totals 

1           1 

I'll 

Jan. 

1 

Feb. 

1 

Mar. 

1 

Apr. 

1 

May 

1 

June 

1 

July 

1 

Aug. 

1 

Sep. 

1 

Oct. 

1 

Nov. 

1 

Dec. 

1 

Totals 

1 

1 
1 

Appendix 


217 


Jan. 

'. 

Feb.     . 

i_ 

Mar.     . 

_ 

Apr. 

May 

June    . 

__ 

July 

_ 

Aug.     . 

Sep.     .    . 

Oct.     .    . 

Nov.     .    . 

Dec.     .    . 

Totals      j           1 

1            1 

Jan. 

L_ 

1 

1 

Feb. 

■__ 

1 

1            i 

Mar. 

1 

Apr. 

1 

May 

_ 

June 

_ 

1 

July 

1 

Aug. 

1 

Sep. 

1 

Oct. 

1 

Nov. 

1               1 

! 

Dec. 

1               1 

1 

I            1 

Totals       1           i 

1 

1            1 

Jab. 

1 

Feb. 

] 

Mar. 

1 

Apr. 

1 

May 

1 

June 

1 

July 

1 

Aug. 

1 

Sep. 

1 

Oct. 

1 

Nov. 

1 

Dec. 

1 

Totals       1 

218 


Agricultural  Prices 


1 

Jan.     .    . 

Feb.     .    . 

Mar.     .    . 

Apr.     .    . 

May     .    . 

June    .    . 

July     .    . 

Aug.     .    . 

Sep.     .    . 

Oct.      .    . 

Nov.     .    . 

Dec.     .    . 

Totals       1 

1 

Jan.     .    . 

•1            1            1 

1            1 

1            1 

Feb.     .    . 

Mar.     .    . 

Apr.     .    . 

May     .    . 

June    .    . 

July     .    . 

Aug.     .    . 

Sep.     .    . 

Oct.      .    . 

Nov.     .    . 

Dec.     .    . 

Totals       1 

Jan. 

Feb.     . 

Mar.     . 

Apr.     . 

May     . 

June    . 

July     . 

Aug.     . 

Sep.     . 

Oct.     . 

Nov.     . 

Dec.     . 

Totals 

Appendix 


219 


Jan. 

1 

Feb. 

Mar. 

Apr. 

May 

June 

July 

Aug. 

Sep. 

Oct. 

Nov. 

Dec. 

Totals 

Jan. 

Feb. 

Mar. 

Apr. 

May 

June 

July 

Aug. 

Sep. 

Oct. 

Nov. 

Dec. 

Totals 

Jan. 

Feb. 

Mar. 

Apr.     . 

May 

June 

July 

Aug. 

Sep. 

Oct     . 

Nov.    . 

Dec. 

Totals 

220 


Agricultural  Prices 


Jan. 

Feb. 

Mav. 

Apr. 

May 

June 

July 

Aug. 

• 

Sep. 

Oct. 

Nov. 

Dec. 

Totals       1 

1 
1 

Jan. 

Feb. 

Mar. 

Apr. 

May 

June 

July 

Aug. 

Sep. 

Oct. 

Nov. 

Dec. 

1            1 

Totals       1           1 

Jan. 

Feb. 

Mar. 

Apr. 

1 

May 

June 

July 

Aug. 

Sep. 

Oct. 

Nov. 

Dec. 

Totals       1 

Appendix 


221 


1 

Jan. 

Feb. 

1 

Mar. 

Apr. 

1 

May 

! 

June 

1 

July 

Aug. 

! 

Sep. 

1 

Oct. 

1  . 

Nov. 

1 

1 

Dec. 

1 

1            1 

Totals       1 

! 

1           i 

Jan. 

Feb. 

Mar. 

Apr. 

May 

June 

July 

Aug. 

Sep. 

Oct. 

Nov. 

Dec. 

Totals 

Jan. 

i 

Feb. 

Mar. 

Apr. 

May 

June 

July 

Aug. 

Sep. 

Oct. 

Nov. 

Dec. 

Totals      1 

oo 

Index  to  Tables  in  Appendix 


=ac= 


Bacon  prices,  wholesale    204 

Bacon  prices,   retail    200 

Bran  prices  in  Illinois    197 

Bran  prices  in  Iowa    ' .  195 

Bran  prices  at  Kansas    City    208 

Bran  prices  at  Minneapolis    206 

Butter  prices  on  the  farm  198 

Butter  prices  at  Elgin  and  Chicago  161 

Cattle  grades,  percentage  of  each  slaughtered  at  central  markets ....  184 
Cattle  prices,  average  native  beef,  900  to  1,900  pounds,  at  Chicago. .  .147 
Cattle  prices,  average  native  beef,  1,200  to  1,500  pounds,  at  Chicago..  148 

Cattle  prices,  average  fat  cows  and  heifers,  at  Chicago 149 

Cattle  prices,  average  canners  and  cutters,  at  Chicago  150 

Cattle  prices,  average  native  calves,  at  Chicago  151 

Cattle  prices,  average  grass-fed  westerns,  at  Chicago  152 

Cattle  prices,  average  feeders  and  stockers,  at  Chicago 153 

Cattle  prices  in  Illinois   197 

Cattle  prices  in  Iowa  195 

Cattle  receipts,  monthly,  at  six  markets   172 

Cattle  receipts,  monthly,  at  Chicago 173 

Cattle  shipments  of  stockers  and  feeders  from  Omaha   185-186 

Cattle  shipments  of  stockers  and  feeders  from  Kansas  City   189 

Cattle  weights  at  Chicago  182 

Chicago  ten-year  average  daily  prices 126-133 

Copper  prices 212 

Corn   exports    193 

Corn-hog  ratios  by  decades 120 

Corn  prices  in  Illinois    196 

Corn  prices  in  Iowa    194 

Corn  prices,  monthly,  at  Chicago  118-119 

Corn  prices  in  Argentina    190 

Corn  receipts,  monthly,  at  Chicago ' 176 

Cottonseed  meal  prices  at  Memphis 205 

Crude  petroleum  prices   213 

Daily  prices,  ten-year  averages,  at  Chicago 126-133 

Dun's  index  number,  yearly    134-135 

Dun's  index  number,  by  months  since  1903  135-139 

Egg  prices  on  the  farm  198 

Exports  of  com   193 


Appendix  223 

Exports  of  pork  products    191 

Exports  of  wheat  192 

Greenback  currency  values  125 

Ham  prices,  wholesale  204 

Ham  prices,  retail 200 

Hog  prices,  in  Illinois    196 

Hog  prices  in  Iowa    194 

Hog  prices,  heavy,  at  Chicago  116-117 

Hog  prices,  average,  at  Chicago    140 

Hog  prices,  average,  at  Sioux  City  140 

Hog  prices,  light,  at  Chicago    141 

Hog  prices,  pigs,  at  Chicago   142 

Hog  prices,  top,  at  Chicago   143 

Hog  prices,  top  at  St.  Louis   144 

Hog  prices,  top,  at  Omaha  145 

Hog  prices,  top,  at  Kansas  City 146 

Hog  receipts,  monthly,  at  eleven  markets   164 

Hog  receipts,  monthly,  at  six  markets   165 

Hog  receipts,  monthly,  at  Chicago    166 

Hog  receipts,  monthly,  at  Kansas  City  169 

Hog  receipts,  monthly,  at  Omaha   167 

Hog  receipts,  monthly,  at  St.  Louis   168 

Hog  receipts,  monthly,  at  Sioux  City  170 

Hog  receipts,  monthly,  at  St.  Joseph  171 

Hog  weights  at  Chicago    178 

Hog  weights  at  Kansas  City,  St.  Joseph  and  Sioux  City 180-181 

Hog  weights  at  Omaha    179 

Hog  weights  at  St.  Louis  179 

Horse  prices  on  farms  163 

Horse  prices,  draft,  at  Omaha  and  Chicago  163 

Lard  prices  at  Chicago   160 

Live  stock  movements,  yearly.  Bureau  of  Markets  190 

Lumber  prices  214 

Middlings  at  Kansas  City  209 

Middlings  at  Minneapolis    207 

Milk  prices  in  Elgin-Chicago  district 162 

Mill-feed  price  averages  205 

Oats  prices  in   Illinois    196 

Oats  prices  in   Iowa   194 

Oats  prices,  monthly,  at  Chicago 121-122 

Oats  receipts,  monthly,  at  Chicago  177 

Packers'  prices  of  ham  and  bacon  204 

Petroleum,  crude,  prices    213 

Pig-iron   prices    211 

Potato  prices  on  the  farm  197 

Pork    exports    191 

Prices,  daily  ten-year  averages,  at  Chicago  126-133 


224  Agricultural  Prices 

Retail  prices  of  bacon    200 

Retail  prices  of  butter    202 

Retail  prices  of  corn  meal   201 

Retail  prices  of  eggs    202 

Retail  prices  of  flour   201 

Retail  prices  of  ham    200 

Retail  prices  of  lard  201 

Retail  prices  of  milk    202 

Retail  prices  of  pork  chops   200 

Retail  prices  of  potatoes  203 

Retail  prices  of  rib  roasts    199 

Retail  prices  of  round  steak   199 

Retail  prices  of  sirloin   steak    199 

Sheep  prices,  average  of  native  lambs,  at  Chicago  155 

Sheep  prices,  average  of  native  sheep,  at  Chicago  156 

Sheep  prices,  average  of  western  lambs,  at  Chicago  157 

Sheep  prices,  average  of  western  sheep,  at  Chicago 158 

Sheep  prices,  average  of  yearlings,  at  Chicago   154 

Sheep  receipts,  monthly,  at  Chicago    175 

Sheep  receipts,  monthly,  at  six   markets    174 

Sheep,  shipments  of  stockers  and  feeders  from  Omaha 187-188 

Sheep  weights  at  Chicago   183 

Short-rib  sides,  prices  at  Chicago  159 

Shorts,  prices  at  Kansas  City  209 

Wages  on  city  and  farm 210 

Wheat  exports    192 

Wheat  prices  at  Chicago 123-124 

Wheat  prices  in  Argentina  190 

Wool  prices  in  Illinois     197 

Wool  prices  in  Iowa   195 


HB 

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